How do I get the \"Less ending inventory\" for each FIFO, LIFO and Weighted Avg.

Question

How do I get the "Less ending inventory" for each FIFO, LIFO and Weighted Avg.?

Check my work Seminole Company began year 2017 with 23,500 units of product in its January 1 inventory costing $15.70 each. It made successive purchases of its product in year 2017 as follows. The company uses a periodic inventory system. On December 31 2017, a physical count reveals that 42,000 units of its product remain in inventory. Mar. 7 35,000 units $18.70 each May 25 37,000 units $22.70 each Aug. 1 27,000 units $24.70 each Nov. 10 36,500 units $27.70 each Required 1. Compute the number and total cost of the units available for sale in year 2017. 2. Compute the amounts assigned to the 2017 ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average Complete this questions by entering your answers in the tabs below. Required Required 2 Compute the amounts assigned to the 2017 ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. (Do not round intermediate calculations. Round the final answers to nearest whole dollars.) FIFO Periodic $3,541,3003,541,300 LIFO Periodic Weighted Aver Periodic Total cost of units available for sale Less ending inventory Cost of units sold $3,541,300 3,541,300 3,541 300

Explanation / Answer

Number of units available for sale = 23,500 + 35,000 + 37,000 + 27,000 + 36,500
Number of units available for sale = 159,000

Cost of units available for sale = 23,500*$15.70 + 35,000*$18.70 + 37,000*$22.70 + 27,000*$24.70 + 36,500*$27.70
Cost of units available for sale = $3,541,300

Number of units in ending inventory = 42,000

FIFO:

Ending Inventory = 36,500 * $27.70 + 5,500 * $24.70
Ending Inventory = $1,146,900

LIFO:

Ending Inventory = 23,500 * $15.70 + 18,500 * $18.70
Ending Inventory = $714,900

Weighted Average:

Cost per unit = Cost of units available for sale / Number of units available for sale
Cost per unit = $3,541,300 / 159,000
Cost per unit = $22.27

Ending Inventory = 42,000 * $22.27
Ending Inventory = $935,340

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