Question

Mabel Consolidated sells packrabbits. Below is information relating to Mabel’s purchase of packrabbits during September. During...

  1. Mabel Consolidated sells packrabbits. Below is information relating to Mabel’s purchase of packrabbits during September. During the same month, 142 packrabbits were sold. Mabel uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept.  1

 Inventory

 28

$75

Sept. 12

 Purchases

 53

 78

  

Sept. 19

 Purchases

 68

 82

  

Sept. 26

 Purchases

 34

 85

  

 Totals

183

Determine Cost of Goods Sold and Cost of Ending Inventory under FIFO, LIFO and Average Inventory methods and show your work!

Homework Answers

Answer #1
FIFO LIFO Average
Ending Inventory $               3,464 $             3,114 $           3,293
Cost of Goods Sold $      11,236.00 $    11,586.00 $         11,407

Working

Units Cost per unit value
Beginning Balance 28 $             75.00 $     2,100.00
Purchases
12-Sep 53 $             78.00 $     4,134.00
19-Sep 68 $             82.00 $     5,576.00
26-Sep 34 $             85.00 $     2,890.00
183 $   14,700.00
Average Cost of Inventory
Units (A) 183
Total Cost (B) $    14,700.00
Average Cost (C=B/A) $             80.33
FIFO
Total Units Avalable for sale 183
Units Sold 142
Closing Stock in Units 41
Valuation
Ending Inventory 34 @ $           85.00 $    2,890.00
7 @ $           82.00 $        574.00
Value Of Ending Inventory $    3,464.00
Cost of Goods sold (14700-3464) $ 11,236.00
LIFO
Total Units Avalable for sale 183
Units Sold 142
Closing Stock in Units 41
Valuation
Ending Inventory 28 @ $           75.00 $    2,100.00
13 @ $           78.00 $    1,014.00
Value Of Ending Inventory $    3,114.00
Cost of Goods sold (14700-3114) $ 11,586.00
Weighted Average method
Total Units Avalable for sale 183
Units Sold 142
Closing Stock in Units 41
Valuation
Ending Inventory 41 @ $           80.33 $    3,293.44
Value Of Ending Inventory $    3,293.44
Cost of Goods sold (Total Purchase and opening stock Minus Closing Stock) $ 11,406.56
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