D Exam 2 (Chapter 6-9) e Adventure Company UsX x Units Unit January 1 Beginning

Question

D Exam 2 (Chapter 6-9) e Adventure Company UsX x Units Unit January 1 Beginning Inventory 13$63 69 March 28 August 22 October 14 Purchase Purchase Purchase 23 26 31 819 1,587 1,898 2.449 73 79 Goods Available for Sale 93 $6,753 The company solkd 31 units on May 1 and 26 units on October 28 Required: Calculate the company's ending inventory and cost of goods sold using the each of folowing inventory costing methods. (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.) a. FIFO Ending Inventory Cost of Goods Sold 3.939 b. LIFO 2213 Ending Inventory Cost of Goods Sold c. Weighted Average Ending Inventory Cost of Goods Sold 4022 DOLL

Explanation / Answer

FIFO Beginning Inventory, Jan 1 $819 Purchases 28-Mar $1,587 22-Aug $1,898 14-Oct $2,449 Cost of goods available for sale $6,753 Less: Ending Inventory -36 Units $2,814 (31 x 79 + 5 x 73) Cost of goods sold $3,939 LIFO Cost of goods available for sale $6,753 Less: Ending Inventory -36 Units $2,608 (5 x 63 + 5 x 79 + 26 x 73) Cost of goods sold $4,145 Weighted Average Weighted Average cost = $6753/93 $72.61 Ending Inventory (36 x $72.61) $2,614 Cost of good sold (57 x $72.61) $4,139

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