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Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of August: August 1 Inventory 61 units @ $26 August 7 Purchase 60 units @ $27 August 18 Purchase 65 units © $29 August 27 Purchase 46 units @ $30 During August, Oppenheimer sold 147 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 147 units sold, 51 cost $26, 42 cost $27, 49 cost $29, and 5 cost $30. 4,031 V 2,440 2. FIFO 2,395 x 4,076 x 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)

Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of August: August 1 Inventory 61 units @ $26 August 7 Purchase 60 units @ $27 August 18 Purchase 65 units © $29 August 27 Purchase 46 units @ $30 During August, Oppenheimer sold 147 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 147 units sold, 51 cost $26, 42 cost $27, 49 cost $29, and 5 cost $30. 4,031 V 2,440 2. FIFO 2,395 x 4,076 x 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of August: August 1 Inventory 61 units @ $26 August 7 Purchase 60 units @ $27 August 18 Purchase 65 units @ $29 August 27 Purchase 46 units @ $30 During August, Oppenheimer sold 147 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 147 units sold, 51 cost $26, 42 cost $27, 49 cost $29, and 5 cost $30. 4,031 2,440 2. FIFO 2,395 x 4,076 x 24 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, $ and round all other calculations and your final answers to the nearest dollar.)
Transcribed Image Text:Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of August: August 1 Inventory 61 units @ $26 August 7 Purchase 60 units @ $27 August 18 Purchase 65 units @ $29 August 27 Purchase 46 units @ $30 During August, Oppenheimer sold 147 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 147 units sold, 51 cost $26, 42 cost $27, 49 cost $29, and 5 cost $30. 4,031 2,440 2. FIFO 2,395 x 4,076 x 24 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, $ and round all other calculations and your final answers to the nearest dollar.)
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Introduction

FIFO, LIFO and weighted average are methods used by cost accountants to determine the value of inventories, under method of LIFO last purchased units will go first for sale, in FIFO method units purchased first will go first for sale whereas average cost method calculates inventory on average unit cost.

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