ABC uses a periodic inventory system. At the end of the annual accounting period

Question

ABC uses a periodic inventory system. At the end of the annual accounting period, Decemeber 31, 2013, the accounting records provided the following information for their major product the widget:

1. Calculate units sold

2.Calculate the ending inventory under FIFO costing

3.Calculate the COGS under FIFO costing

4.Calculate the ending inventory under LIFO costing

5.Calculate the COGS under LIFO costing

6.Calculate the ending inventory under weighted average cost

7.Calculate the COGS under weighted average cost

Units Unit Cost 12/31/2013 Inventory Balance 6000 15 Purchases for 2014 February Purchases 2000 20 August Purchases 1000 10 12/31/14 Inventory Balance 3000

Explanation / Answer

1. 6000 Units sold

2. $ 50,000

3. $ 90,000

4. $ 45,000

5. $ 95,000

6. $46,667

7. $ 93,333

Opening units 6000 Add: Purchase for 2014: February purchase 2000 August purchase 1000 Less: Ending inventory 3000 Units sold 6000

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