Goods Purchased
80 @ $3.20
100 @ $3.34
1/26
Inventory Balance
320 @ $3.00
= $ 960.00
320 @ $3.00
80 @ $3.20
= $1,216.00
$ 334.00
160.00
$ 494.00
320 @ $3.00
80 @ $3.20
100 @ $3.34
50 @ $3.20
100 @ $3.34
= $1,550.00
= $ 494.00
Goods Purchased
80 @ $3.20
100 @ $3.34
1/26
$ 450.00
Inventory Balance
320 @ $3.00
= $ 960.00
320 @ $3.00
80 @ $3.20
320 @ $3.00
80 @ $3.20
100 @ $3.34
150 @ $3.00
= $1,216.00
= $1,550.00
= $ 450.00
Goods Purchased
80 @ $3.20
1/25
100 @ $3.34
1/26
Inventory Balance
320 @ $3.00
= $ 960.00
320 @ $3.00
80 @ $3.20
= $1,216.00
(avg. cost is $3.04)
320 @ $3.00
80 @ $3.20
= $1,550.00
100 @ $3.34
(avg. cost is $3.10)
150 @ $3.10
= $ 465.00
320 @ $3.00 =
80 @ $3.20 =
100 @ $3.34 =
500
$ 960.00
256.00
334.00
$1,550.00 Cost of goods available for sale
Cost of
Goods Sold
FIFO
(100 x $3.34) + (50 x $3.20) ................................. $494.00
(320 x $3.00) + (30 x $3.20) .................................
$1,056.00
FIFOPeriodic
Ending
Inventory
LIFO
(150 x $3.00) ......................................................... $450.00
(100 x $3.34) + (80 x $3.20) + (170 x $3.00) .......
Cost of
Goods Sold
$1,100.00
Weighted AveragePeriodic
Cost of
Goods Sold
$1,085.00
10 units @ $60
$ 600
10 units @ $61
10 units @ $62
10 units @ $65
10 units @ $70
50 units
610
620
650
700
$3,180
Goods Purchased
12/ 7
10 @ $ 6 = $ 60
10 @ $ 6
= $ 60.00
12/14
20 @ $12 = $240
10 @ $ 6
20 @ $12
= $300.00
15 @ $12
= $180.00
15 @ $12
15 @ $14
= $390.00
12/15
12/21
10 @ $ 6
5 @ $12 = $120.00
15 @ $14 = $210
______
$120.00
Inventory Balance
Goods Purchased
Inventory Balance
12/7
10 @ $ 6 = $ 60
10 @ $ 6
= $ 60
12/14
20 @ $12 = $240
10 @ $ 6
20 @ $12
= $300
10 @ $ 6
5 @ $12
= $120
10 @ $ 6
5 @ $12
15 @ $14
= $330
12/15
12/21
15 @ $12 = $180
15 @ $14 = $210
____
$180
Goods Purchased
Inventory Balance
12/7
12/14
10 @ $6 = $60
10 @ $6
= $ 60
20 @ $12 = $240
10 @ $6
20 @ $12
= $300
12/15
12/21
15 @ $10 =$150
15 @ $14 = $210
____
$150
15 @ $10
= $150
15 @ $10
15 @ $14
= $360
}
(avg cost is $12)
Ending
Inventory
Cost of
Goods Sold
$390
$120
LIFOPeriodic
LIFO
(10 x $6) + (20 x $12) ......................................
(15 x $14) ........................................................
Ending
Inventory
Cost of
Goods Sold
$300
$210
Ending
Inventory
Cost of
Goods Sold
$339.90
$169.95
*If unit cost is not rounded, then ending inventory is $340 and goods sold is $170.
LIFO
2.
FIFO
3.
LIFO
4.
LIFO
5.
Specific identification
Ending
Inventory
Cost of
Goods Sold
$378
$132
Total
Market
$ 6,050
5,525
18,200
$29,775
LCM Items
$ 6,050
4,550
18,200
$28,800
$28,800
$685,000