I have to make a purchase schedule of inventory including the following below and figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Can you help me figure this out? Date Transaction # of Units Unit Cost Total Cost Jan. 1 Beginning Inventory 300 $5 $1500 Jan. 19 Purchase 400 6.50 2600 Feb. 2 Purchase 600 7 4200 Mar. 30 Purchase 500 8.50 4250 Apr. 10 Purchase 350 9 3150 May 29 Purchase 700 9.50 6650 Total Purchases: 2550 units--$20850 Jun. 1 Sale 1000 units
I have to make a purchase schedule of inventory including the following below and figure out what the Cost of Goods Sold is for the order placed for
- FIFO
- LIFO
- and Weighted Average Cost (Average Cost)
Can you help me figure this out?
Date Transaction # of Units Unit Cost Total Cost
Jan. 1 Beginning Inventory 300 $5 $1500
Jan. 19 Purchase 400 6.50 2600
Feb. 2 Purchase 600 7 4200
Mar. 30 Purchase 500 8.50 4250
Apr. 10 Purchase 350 9 3150
May 29 Purchase 700 9.50 6650
Total Purchases: 2550 units--$20850
Jun. 1 Sale 1000 units
The ending inventory is valued using various methods as:
LIFO (Last in first out)
FIFO (First in first out)
Weighted Average method
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