.\'ll AT&T; 1:48 PM Back Message Details Given the following data, calculate cos
ID: 2571537 • Letter: #
Question
.'ll AT&T; 1:48 PM Back Message Details Given the following data, calculate cost of goods sold and the cost of ending inventory. 3 separate methods, FIFO, LIFO and Weighted Average. You must show ALL calculation:s Date 1/10 Transaction Bought 100 inventory units @ $12 1/20 Bought 200 inventory units@ $15 Sold 150 inventory units @ $26 Bought 100 inventory units@$17 1/25 1/28 1/31 Sold 120 inventory units @ $26 2/4 Bought 60 inventory units @ $18 0 Chpt 6 PP-1 Maisano.xls Nov13 Maisano.mp3 Courses Calendar To Do Notifications InboxExplanation / Answer
Ending inventory Cost of goods sold FIFO 3230 3750 LIFO 2550 4430 WEIGHTED AVERAGE 2883 4097 Cost of goods available for sale Date Bought units Rate Total 10-Jan 100 12 1200 20-Jan 200 15 3000 28-Jan 100 17 1700 4-Feb 60 18 1080 460 6980 Sold 270 units (150 + 120) Ending inventory units = units available for sale - Sold units 460 - 270 190 *Ending inventory (fifo) Date Units Rate Total 4-Feb 60 18 1080 28-Jan 100 17 1700 20-Jan 30 15 450 Total ending inventory 190 3230 Cost of goods sold (fifo) Cost of goods sold = Cost of goods available for sale - ending inventory 6980 - 3230 3750 *Ending inventory (lifo) Date Units Rate Total 10-Jan 100 12 1200 20-Jan 90 15 1350 Total ending inventory 190 2550 Cost of goods sold (lifo) Cost of goods available for sale - ending inventory 6980 - 2550 4430 *Ending inventory (Weighted average) Date Units Rate Total 10-Jan 100 12 1200 20-Jan 200 15 3000 28-Jan 100 17 1700 4-Feb 60 18 1080 Total Cost of goods available 460 6980 Weighted Average Rate = Total cost / Total units 6980 / 460 15.174 *Ending inventory = Ending inventory units * weighted average rate 190 units * 15.17 2883.04 2883 (rouded) *Cost of goods sold Units sold * Weighted average rate 270 * 15.174 4097
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