Question

The Baby Store had a beginning inventory on January 1 of 280 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made:

		Units		Unit Cost
Mar. 15		78		$181
July 20		58		180
Sept. 4		23		178
Dec. 2		10		173

At the end of the year, there were 33 units on hand. The Baby Store uses a periodic inventory system.

Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places and final answers to 0 decimal places, e.g. 5,275.)

		FIFO		Weighted average
Cost of goods sold		$		$
Ending inventory		$		$

Answer 1