Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an it

Question

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an iten available for sale during the year were as follows: Jan. 1 Inventor Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchpse There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim caloulations to one decimal and final 40 units @ $100 60 units@ $108 30 units @ $112 70 units @ $114 Cost of Merchendise Inventory and Cost of Merchandise Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Merchandise Inventory Merchandise Sold

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg Balance 40 100 4000 40 100 4000 Purchasse 10-Mar 60 108 6480 60 108 6480 30-Aug 30 112 3360 20 112 2240 10 112 1120 12-Dec 70 114 7980 70 114 7980 TOTAL 200 21820 120 12720 80 9100 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg Balance 40 100 4000 40 100 4000 Purchasse 10-Mar 60 108 6480 20 108 2160 40 108 4320 30-Aug 30 112 3360 30 112 3360 12-Dec 70 114 7980 70 114 7980 TOTAL 200 21820 120 13500 80 8320 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg Balance 40 100 4000 Purchasse 10-Mar 60 108 6480 30-Aug 30 112 3360 12-Dec 70 114 7980 TOTAL 200 109.1 21820 120 109.1 13092 80 109.1 8728 Inventory COGS FIFO 9100 12720 LIFO 8320 13500 Weighted Average 8728 13092

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