# units Unit $ Beginning Inventory 1-1 200 15 Purchase 1-15 125 14 Purchase 1-16

Question

# units Unit $
Beginning Inventory 1-1 200 15
Purchase 1-15 125 14
Purchase 1-16 180 13
Purchase 1-18 200 12
Purchase 1-24 80 11

Sale 1-13 175
Sale 1-17 100
Sale 1-19 240
Sale 1-26 180

Required
Answer the following questions (periodic method):

1. How many units are in ending inventory on 1-31 __________
2. How many units were sold during the month _________
3. How many units were available to sell for the month _______
4. What is the total dollar value of the available inventory to sell for the month ___________
5. Using FIFO, what is the dollar value of the ending inventory ____________
6. Using FIFO, what is the dollar value of the cost of goods sold____________
7. Using LIFO, what is the dollar value of the ending inventory_____________
8. Using LIFO, what is the dollar value of the cost of goods sold_____________
9. Using Weighted average, what is the dollar value of the ending inventory____________
10. Using Weighted average, what is the dollar value of the cost of goods sold ____________

Explanation / Answer

1) 90 units 2) 695 units 3) 785 units 4) (200*15)+(125*14)+(180*13)+(200*12)+(80*11) = 10,370 5) (80*11)+(10*12) = 1,000 6) 10,370 - 1,000 = 9,370 7) 90*15 = 1,350 8) 10,370 - 1,350 = 9,020 9) 90*(10,370/785) = 1,188.92 10) 695*(10,370/785) = 9,181.08

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.