Solution-Calculate cost of goods sold for march using lifo

Calculate cost of goods sold for march using lifo

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Reference no: EM133150489

Question - FIFO, LIFO and Weighted Average Inventory Costing Methods - Toy Cars sells battery-powered ride-on vehicles for children. There is no unique identifier on their products, so the company is debating between the FIFO, LIFO, and weighted average inventory methods. Help them calculate the following cost of goods sold and ending inventory for their most popular toy car.

Date	Transaction #	Units	Cost/Unit
3/2	Beginning Inventory	80	$170
3/14	Purchase Inventory	150	$180
3/27	Purchase Inventory	100	$220
3/30	Sales at $329 each	130	?

Required -

1. Calculate ending inventory on March 31 using FIFO.

2. Calculate cost of goods sold for March using LIFO.

3. Calculate cost of goods sold for March using weighted average.

Reference no: EM133150489

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Calculate cost of goods sold for march using lifo : Toy Cars sells battery-powered ride-on vehicles for children. Calculate cost of goods sold for March using LIFO. Calculate ending inventory on March using FIFO

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Calculate cost of goods sold for march using lifo

Reference no: EM133150489

Reference no: EM133150489

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