Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Units Unit Cost Total Cost 80 9,600 90 34,200 110 22,000 We sold 240 units! a b 1-Jan Beginning Inventory First Purchase Second Purchase с How many units did we sell? Which ones did we sell? beg inv first purch cogs How many units remain? first purch 2nd purch end inv How many units did we sell? Which ones did we sell? 2nd purch 1st purch cogs How many units remain? 1st purch beg Inv end inv (current asset on the BS) What is the average cost of one unit? Units beg 1st purch 2nd purch Average Cost How many units did we sell? COGS 120 380 200 How many units remain? Ending Inventory Unit Cost
Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Units Unit Cost Total Cost 80 9,600 90 34,200 110 22,000 We sold 240 units! a b 1-Jan Beginning Inventory First Purchase Second Purchase с How many units did we sell? Which ones did we sell? beg inv first purch cogs How many units remain? first purch 2nd purch end inv How many units did we sell? Which ones did we sell? 2nd purch 1st purch cogs How many units remain? 1st purch beg Inv end inv (current asset on the BS) What is the average cost of one unit? Units beg 1st purch 2nd purch Average Cost How many units did we sell? COGS 120 380 200 How many units remain? Ending Inventory Unit Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average.
Units
Unit Cost Total Cost
80
9,600
90
34,200
110
22,000
We sold 240 units!
a
b
1-Jan Beginning Inventory
First Purchase
Second Purchase
С
How many units did we sell?
Which ones did we sell?
beg inv
first purch
cogs
How many units remain?
first purch
2nd purch
end inv
How many units did we sell?
Which ones did we sell?
2nd purch
1st purch
cogs
How many units remain?
1st purch
beg inv
end inv (current asset on the BS)
What is the average cost of one unit?
Units
beg
1st purch
2nd purch
Average Cost
How many units did we sell?
COGS
120
380
200
How many units remain?
Ending Inventory
Unit Cost
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