Date Units Unit Cost Total Cost Beginning Inventory January 1 120 $ 80 $ 9,600 P

Question

                                        Date               Units                      Unit Cost                Total Cost

Beginning Inventory January 1                120                  $ 80             $  9,600

Purchase                 January 15           380               90                        34,200

Purchase                 January 24             200               110                              22,000

Required:

1. Calculate the number and cost of goods available for sale.

2. Calculate the number of units in ending inventory.

3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO,

and (c) weighted average cost methods.

Explanation / Answer

1) NUMBER OF GOODS AVAILABLE FOR SALE = 700 UNITS

COST OF GOODS AVAILABLE FOR SALE = $65800

2) ENDING INVENTORY = 700 UNITS

JANUARY PURCHASES BALANCE COST AMOUNT 1 120 80 9600 15 380 380 90 34200 24 200 200 110 22000 65800

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