Question

Periodic inventory by three methods; cost of goods sold The units of an item available for...

Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 180 units at $108
Mar. 10 Purchase 224 units at $110
Aug. 30 Purchase 200 units at $116
Dec. 12 Purchase 196 units at $120

There are 208 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods.

Cost of Inventory and Cost of Goods Sold
Inventory Method Ending Inventory Cost of Goods Sold
First-in, first-out (FIFO) $ $
Last-in, first-out (LIFO)
Weighted average cost

Homework Answers

Answer #1
Date Units Unit cost Total
Jan. 1 Inventory 180 108 19440
Mar. 10 Purchase 224 110 24640
Aug. 30 Purchase 200 116 23200
Dec. 12 Purchase 196 120 23520
Total 800 90800
Average cost = 90800/800= $113.5
First-in, first-out (FIFO):
Ending Inventory 24912 =(196*120)+(12*116)
Cost of Goods Sold 65888 =90800-24912
Last-in, first-out (LIFO):
Ending Inventory 22520 =(180*108)+(28*110)
Cost of Goods Sold 68280 =90800-22520
Weighted average cost:
Ending Inventory 23608 =208*113.5
Cost of Goods Sold 67192 =90800-23608
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