Solution-Determine the cost assigned to ending inventory

Determine the cost assigned to ending inventory

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Reference no: EM13670232

1. Determine the cost assigned to ending inventory

Weighted Averaue . Perpetual:

^Date January 1	Goods purchased			Cost of Goods Sold			# of units	Inventory Balance
	= of units		Cost per unit	= of Cost per units unit sold		Cost of Goods Sold	# of units	Cost per Inventory unit Balance
							140	@	$ 600 =	$ 840 00
January 10				$ 6	00	= $ 000	15	@	$ 6.1:0 =	$ 90.00
January 20	60	@	$ 5.00				15 60	@ @	S 6.00 = $ 5.00 =	$ 90.00 300.00
Average cost							75	@	$ 5.20'	$ 390.00
January 25								I

January 30 180 @ $ 4.50 180 @ $ 4.50 = 810 00

Totals 180 @

2. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Perpetual LIFO:

Date

Goods purchased

Cost of Goods Sold

2= of units

Inventory Balance

January 1

= of Cost

units pet unit

Cost

= of units sold

pet unit

Cost of Goods
Sold

. Cost Inventory

per unit Balance

January 10

140

$ 600

$ 840 CD

January 20

$ 5.00

				60	@	$ 5.00	=	300.00
								$ 300_00
January 25				15
	@ $ 5 CO	=	0.00	5	@	$ 5.00	=	$ 25.00
								$ 25.00

January 30

180

$ 4.50

$ 5.00

25.00

180

$ 4.50

810.00

Totals

$ 0.00

$ 835.00

Reference no: EM13670232

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Determine the cost assigned to ending inventory

Reference no: EM13670232

Reference no: EM13670232

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