Unit | Unit Cost | Total Cost | |
Beginning inventory | 1930 | 5 | 9650 |
Purchase 1 | 5080 | 7 | 35560 |
Purchase 2 | 2830 | 8 | 22640 |
Total | 9840 | 67850 | |
Calculate following
FIFO | LIFO | Average cost | |
Ending inventory | (22640+1210*7) = 31110 | (9650+2110*7) = 24420 | 6.90*4040 = 27876 |
Cost of goods sold | 36740 | 67850-24420 = 43430 | 67850-27876 = 39974 |
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
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question E7-5
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