Beginning inventory 80 units of Product A @ $1,600 total cost 100 units of Produ
ID: 2575428 • Letter: B
Question
Beginning inventory 80 units of Product A @ $1,600 total cost 100 units of Product A$2,116 total cost 200 units of Product A $4,416 total cost 165 units of Product A $4,800 total sale August 1 5 Purchased 8 Purchased 11 Sold Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out (b) last-in, first-out, and (c) the weighted-average cost methods Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, first-out Ending Inventory Cost of Goods Sold $ B. Last-in, first-out Ending Inventory Cost of Goods Sold $ C. Weighted-average cost 0Explanation / Answer
1) FIFO METHOD
Opening Inventory
Purchase Inventory
Sale Inventory
Ending Inventory
Date
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Aug-01
80
20
1600
80
20
1600
Aug-05
100
21.16
2116
80
20
1600
100
21.16
2116
Aug-08
200
22.08
4416
80
20
1600
100
21.16
2116
200
22.08
4416
Aug-11
80
20
1600
85
21.16
1798.6
15
21.16
317.4
200
22.08
4416
TOTAL
1600
6532
3398.6
4733.4
Ending Inventory
4733.4
Cost of goods sold
3398.6
2) LIFO METHOD
Opening Inventory
Purchase Inventory
Sale Inventory
Ending Inventory
Date
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Aug-01
80
20
1600
80
20
1600
Aug-05
100
21.16
2116
80
20
1600
100
21.16
2116
Aug-08
200
22.08
4416
80
20
1600
100
21.16
2116
200
22.08
4416
Aug-11
165
22.08
3643.2
35
22.08
772.8
100
21.16
2116
80
20
1600
TOTAL
1600
6532
3643.2
4488.8
Ending Inventory
4488.8
Cost of goods sold
3643.2
3) WEIGHTED AVERAGE METHOD
Opening Inventory
Purchase Inventory
Sale Inventory
Ending Inventory
Date
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Aug-01
80
20
1600
80
20
1600
Aug-05
100
21.16
2116
180
20.64
3716
Aug-08
200
22.08
4416
380
21.4
8132
Aug-11
165
21.4
3531
215
21.4
4601
TOTAL
1600
6532
3531
4601
Ending Inventory
4601
Cost of goods sold
3531
1) FIFO METHOD
Opening Inventory
Purchase Inventory
Sale Inventory
Ending Inventory
Date
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Aug-01
80
20
1600
80
20
1600
Aug-05
100
21.16
2116
80
20
1600
100
21.16
2116
Aug-08
200
22.08
4416
80
20
1600
100
21.16
2116
200
22.08
4416
Aug-11
80
20
1600
85
21.16
1798.6
15
21.16
317.4
200
22.08
4416
TOTAL
1600
6532
3398.6
4733.4
Ending Inventory
4733.4
Cost of goods sold
3398.6
2) LIFO METHOD
Opening Inventory
Purchase Inventory
Sale Inventory
Ending Inventory
Date
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Aug-01
80
20
1600
80
20
1600
Aug-05
100
21.16
2116
80
20
1600
100
21.16
2116
Aug-08
200
22.08
4416
80
20
1600
100
21.16
2116
200
22.08
4416
Aug-11
165
22.08
3643.2
35
22.08
772.8
100
21.16
2116
80
20
1600
TOTAL
1600
6532
3643.2
4488.8
Ending Inventory
4488.8
Cost of goods sold
3643.2
3) WEIGHTED AVERAGE METHOD
Opening Inventory
Purchase Inventory
Sale Inventory
Ending Inventory
Date
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Qty
Price
Total
Aug-01
80
20
1600
80
20
1600
Aug-05
100
21.16
2116
180
20.64
3716
Aug-08
200
22.08
4416
380
21.4
8132
Aug-11
165
21.4
3531
215
21.4
4601
TOTAL
1600
6532
3531
4601
Ending Inventory
4601
Cost of goods sold
3531
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