Question

Pharoah Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Pharoah’s purchases and sales of the ultra-lightweight snowboard in October:

Date		Transaction		Units				Unit Purchase Price			Unit Sales Price
Oct. 1		Beginning inventory			25			$302
10		Purchase			30			309
12		Sale			(42)						$484
13		Purchase			35			316
25		Sale			(45)						494
27		Purchase			20			322

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Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Pharoah uses a perpetual inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)

		FIFO		Weighted Average
Ending inventory		$enter a dollar amount		$enter a dollar amount
Cost of goods sold		$enter a dollar amount		$enter a dollar amount

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What would be the ending inventory and cost of goods sold if Pharoah used FIFO and weighted average in a periodic inventory system? (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)

		FIFO		Weighted Average
Ending inventory		$enter a dollar amount		$enter a dollar amount
Cost of goods sold		$enter a dollar amount		$enter a dollar amount

Answer 1

Total units= 25+30+35+20=110 units

Sold units=42+45=87 units

Units in ending inventory=110-87=23 units

FIFO:

Cost of goods sold:

=(25×$302)+(30×$309)+(32×$316)

=$26,932

Ending inventory:

=(20×$322)+(3×$316)

=$7,388

Weighted average:

Total cost of good available for sale = (25×$302) +(30×$309) +(35×$316) +(20×$322)

=$34,320

Weighted average cost per unit=$34,320/110

=$312.00

Cost of goods sold=87×$312.00

=$27,144.00

Ending inventory=23×$312.00

=$7,176.00

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