Your boss has asked you to calculate the Cost of Goods Sold and Ending Inventory

Question

Your boss has asked you to calculate the Cost of Goods Sold and Ending Inventory for the company using FIFO, LIFO, and Weighted-Average. At year-end 850 games remained in inventory. Assume the following: January 1 inventory consisted of 2,500 games at $2.95. The following purchases were made throughout the year: May 9 – 4,000 games at $4.00; July 15 – 1,000 games at $6.50; September 10 – 500 games at $7.00; December 9 – 200 games at $8.50

(a) Number of items sold

(b) Cost of ending inventory under FIFO

(c) Cost of goods sold under FIFO

(d) Cost of ending inventory under LIFO

(e) Cost of goods sold under LIFO

(f) Cost of ending inventory under Weighted-Average

(g) Cost of goods sold under Weighted-Average

(a) Number of items sold

(b) Cost of ending inventory under FIFO

(c) Cost of goods sold under FIFO

(d) Cost of ending inventory under LIFO

(e) Cost of goods sold under LIFO

(f) Cost of ending inventory under Weighted-Average

(g) Cost of goods sold under Weighted-Average

Explanation / Answer

Your boss has asked you to calculate the Cost of Goods Sold and Ending Inventory

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