Question

Jackson Company provided the following data about its inventory for the month of April. Use this...

Jackson Company provided the following data about its inventory for the month of April. Use this information for the questions below.

Date

Transaction

April 1

Beginning inventory 300 units at $10

April 2

Sold 200 units at $24

April 3

Purchased 800 units at $12

April 14

Sold 500 units at $24

April 20

Purchased 500 units at $13

April 30

Sold 300 units at $25

Assume Jackson uses the periodic system of inventory. Calculate ending inventory and cost of goods sold using FIFO, LIFO, and weighted-average cost method. (Hint: First determine the number of units remaining in ending inventory.)

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Answer #1
Units Unit cost Total
Beg inv. 300 10 3000
3-Apr 800 12 9600
20-Apr 500 13 6500
Total 1600 19100
Average cost=19100/1600= $11.9375
Ending inventory units=1600-200-500-300=600
FIFO:
Ending inventory 7700 =(500*13)+(100*12)
Cost of goods sold 11400 =19100-7700
LIFO:
Ending inventory 6600 =(300*10)+(300*12)
Cost of goods sold 12500 =19100-6600
Weighted average:
Ending inventory 7162.5 or 7163 =600*11.9375
Cost of goods sold 11937.5 or $11937 =19100-7163
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