During June, the following changes in inventory took place: June 1 Balance 400 units @ $36 4 Purchased 600 units @ $45 12 Purchased 700 units @ $54 18 Purchased 500 units @ $55 24 Purchased 300 units @ $60 Units sold = 1,400 units Periodic inventories are maintained. Instructions What is the cost of the ending inventory and cost of goods sold under the following methods? You must show calculations in order to receive credit. (a) FIFO. (b) LIFO. (c) Weighted average
During June, the following changes in inventory took place:
June 1 Balance 400 units @ $36
4 Purchased 600 units @ $45
12 Purchased 700 units @ $54
18 Purchased 500 units @ $55
24 Purchased 300 units @ $60
Units sold = 1,400 units
Periodic inventories are maintained.
Instructions
What is the cost of the ending inventory and cost of goods sold under the following methods? You must show calculations in order to receive credit.
(a) FIFO.
(b) LIFO.
(c) Weighted average
(d) Show proof of Cost of Goods Sold calculated under the LIFO method.
Step by step
Solved in 5 steps with 1 images
