Find the cost of goods sold for the year ended December 31, 2009, and the ending

Question

Find the cost of goods sold for the year ended December 31, 2009, and the ending
inventory under the following cost assumptions:
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Average cost (weighted average)
d. Specific identification

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Inventory ending Dec 31, 2009

DATE DESCRIPTION Number of Units Cost Per Unit Total Cost January1 Beginning Inventory 400 $5.00 $2,000.00 March1 Purchase 1000 $6.00 $6,000.00 August1 Purchase 200 $7.00 $1,400.00 November1 Purchase 200 $7.50 $1,500.00 1800 $10,900.00

Explanation / Answer

Cost of goods sold under FIFO Date Cost of goods sold : Units unit cost Total costs Dec-01 Sale 400 5 2000 Dec-01 Sale 1000 6 6000 Total 8000 Cost of goods sold under LIFO Date Cost of goods sold : Units unit cost Total costs Mar-01 purchase 1000 6 6000 Aug-01 purchase 200 7 1400 Nov-01 purchase 200 7.5 1500 Total 8900

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