1 . Compute the Cost of goods available 2 .compute the number of units avaiable

Question

1 . Compute the Cost of goods available 2 .compute the number of units avaiable 3 .compute the number of units in ending inventory 4. Compute the cost assigned to ending inventoey using a)FIFO ,b) LIFO c)weighted average and d) specific identification for the dates of 660 units beginning inventory, 230 from February 10 purchase , 110 from march 13 purchase, 110 from august 21 purchase and 335 from september 5 purchase.
5. Compute gross profit earned by the company for each of the following four costing method    Fifo. | Lifo.| Weight avg |specific id
Sales Less: cost of goods sold Gross profit

Explanation / Answer

1 . Compute the Cost of goods available

1)Cost of goods available  = $84,130
2) Number of units avaiable = 1830 units
3) Number of units in ending inventory = Number of units available - sales units = 1830 units - 715 units - 730 units = 385 units

Date Activities Units Cost per unit Total Jan 1 Beginning Inventory 660 $60 $39,600 Feb 10 Purchases 330 $57 $18,810 Mar 13 Purchases 110 $45 $4950 Aug 21 Purchases 160 $65 $10,400 Sep 5 Purchases 170 $61 $10,370 Total 1830 units $84,130

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