# of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06 Jan 23 Purchase $13 Jan 29 Purchase 50 $16 $800 Totals 069 Units Sold = 220 Units in Ending Inventory = 80 %3D Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the LIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the FIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the Weighted Average method. (round to two decimal places)

# of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06 Jan 23 Purchase $13 Jan 29 Purchase 50 $16 $800 Totals 069 Units Sold = 220 Units in Ending Inventory = 80 %3D Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the LIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the FIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the Weighted Average method. (round to two decimal places)

Name: # of UnitsUnit CostTotal CostJan 1 Beginning Inventory09009$066$$1,30
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Description: # of UnitsUnit CostTotal CostJan 1 Beginning Inventory09009$066$$1,300Jan 12 Purchase$1106Jan 23 Purchase$13Jan 29 Purchase50$16$800Totals069Units Sold = 220Units in Ending Inventory = 80%3DCalculate Cost of Goods Sold and Ending Inventory assuming

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date January 01 January 10 January 20 January 25 January 30 Date January 01 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Weighted Average Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Units Acquired at Cost Cost 195 290 605 Units 120 $11.00 155 per unit 135 $12.00 290 Cost of Goods Sold Cost per unit $10.50 Total cost $2,340.00 $1,320.00 $3,045.00 $6,705.00 Cost of goods sold $0.00 Units 155 135 290 Units 195 Units Sold at Retail Selling price per unit $21.00 $21.00 Inventory Balance Cost per unit $12.00 Total Sales $3,255.00 $2,835.00 $6,090.00 Total Cost $2,340.00
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 60 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 60 units).
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During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. Beginning inventory 19 $ 21 2$ 399 Mar. 4 Purchase 24 20 480 Jun. 9 Purchase 29 19 551 Nov.11 Purchase 29 17 493 101 $1,923 For the entire year, the company sells 80 units of inventory for $29 each.
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