Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Meth

Question

Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit Cost Total Cost Total Units Unit Cost Total Cost Beginning inventory on hand Beginning inventory on hand 1-Jan 60,000 $                                  2.00 $                         120,000 1-Jan 60,000 $                              2.00 $                  120,000 Purchases during month Purchases during month 5-Jan 103,600 $                                  2.00 $                         207,200 5-Jan 103,600 $                              2.00 $                  207,200 20-Jan 293,900 $                                  2.10 $                         617,190 20-Jan 293,900 $                              2.10 $                  617,190 Sales of inventory Sales of inventory 25-Jan 383,900 25-Jan 383,900 Beginning inventory at Beginning inventory at 1-Feb 73,600 1-Feb 73,600 Purchases during month Purchases during month 8-Feb 282,200 $                                  2.20 $                         620,840 8-Feb 282,200 $                              2.20 $                  620,840 23-Feb 153,500 $                                  2.60 $                         399,100 23-Feb 153,500 $                              2.60 $                  399,100 Sales of inventory Sales of inventory 27-Feb 407,600 27-Feb 407,600 Ending Inventory 101,700 Ending Inventory 101,700 FIFO LIFO Jan Feb Jan Feb Cost of goods sold Cost of goods sold Cost of goods sold Cost of goods sold Ending inventory Ending inventory Ending inventory Ending inventory Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit Cost Total Cost Total Units Unit Cost Total Cost Beginning inventory on hand Beginning inventory on hand 1-Jan 60,000 $                                  2.00 $                         120,000 1-Jan 60,000 $                              2.00 $                  120,000 Purchases during month Purchases during month 5-Jan 103,600 $                                  2.00 $                         207,200 5-Jan 103,600 $                              2.00 $                  207,200 20-Jan 293,900 $                                  2.10 $                         617,190 20-Jan 293,900 $                              2.10 $                  617,190 Sales of inventory Sales of inventory 25-Jan 383,900 25-Jan 383,900 Beginning inventory at Beginning inventory at 1-Feb 73,600 1-Feb 73,600 Purchases during month Purchases during month 8-Feb 282,200 $                                  2.20 $                         620,840 8-Feb 282,200 $                              2.20 $                  620,840 23-Feb 153,500 $                                  2.60 $                         399,100 23-Feb 153,500 $                              2.60 $                  399,100 Sales of inventory Sales of inventory 27-Feb 407,600 27-Feb 407,600 Ending Inventory 101,700 Ending Inventory 101,700 FIFO LIFO Jan Feb Jan Feb Cost of goods sold Cost of goods sold Cost of goods sold Cost of goods sold Ending inventory Ending inventory Ending inventory Ending inventory

Explanation / Answer

FIFO Purchases                 Cost of goods sold                  Closing stock Units Cost Total Units Cost Total Units Cost Total 1-Jan 60000 2 120000 60000 2 120000 5-Jan 103600 2 207200 60000 2 120000 103600 2 207200 20-Jan 293900 2.1 617190 60000 2 120000 103600 2 207200 293900 2.1 617190 25-Jan 60000 2 120000 73600 2.1 154560 103600 2 207200 220300 2.1 462630 383900 789830 73600 154560 1-Feb 73600 2.1 154560 73600 2.1 154560 8-Feb 282200 2.2 620840 73600 2.1 154560 282200 2.2 620840 23-Feb 153500 2.6 399100 73600 2.1 154560 282200 2.2 620840 153500 2.6 399100 27-Feb 73600 2.1 154560 282200 2.2 620840 51800 2.6 134680 101700 2.6 264420 407600 910080 101700 264420 LIFO Purchases                 Cost of goods sold                  Closing stock Units Cost Total Units Cost Total Units Cost Total 1-Jan 60000 2 120000 60000 2 120000 5-Jan 103600 2 207200 60000 2 120000 103600 2 207200 20-Jan 293900 2.1 617190 60000 2 120000 103600 2 207200 293900 2.1 617190 25-Jan 293900 2.1 617190 13600 2 27200 90000 2 180000 60000 2 120000 0 383900 797190 73600 2 147200 1-Feb 73600 2 147200 73600 2 147200 8-Feb 282200 2.2 620840 73600 2 147200 282200 2.2 620840 23-Feb 153500 2.6 399100 73600 2 147200 282200 2.2 620840 153500 2.6 399100 27-Feb 153500 2.6 399100 28100 2.2 61820 254100 2.2 559020 73600 2 147200 407600 958120 101700 209020 FIFO LIFO FIFO LIFO Jan Feb Cost of goods sold 789830 797190 Cost of goods sold 910080 958120 Ending Inventory 154560 147200 Ending Inventory 264420 209020

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