Determine Cost of Goods Sold and Ending Inventory using the following methods: a. FIFO
Deere manufacturing is in its first year of operations.
On January 1, 2012 they purchased 175 units of inventory at a cost of $20 per unit.
On March 23, 2012 they purchased another 400 units at a cost of $40 per unit.
On April 25, 2012 they sold 250 units for $125 per unit.
On July 11, 2012 they sold 300 units for $125 per unit.
On August 8, 2012 they purchased 300 units at a cost of $50 per unit.
On September 28, 2012, they purchased 400 units at a cost of $75 per unit.
On December 28, 2012, they sold 450 units for $125 per unit.
Deere manufacturing used a perpetual inventory system.
Required:
Determine Cost of Goods Sold and Ending Inventory using the following methods:
a. FIFO
b. Weighted Average
c. LIFO
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