Question

Carla Vista Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Carla Vista’s inventory records for Zhao’s only product, the XL5500.

		Units		Unit Cost
January 1, 2017 (beginning inventory)		1,000		$ 77.00
Purchases
January 8, 2017		450		78.00
January 23, 2017		1,100		78.25
February 9, 2017		400		82.00
February 25, 2017		700		84.00

A physical inventory on February 28, 2017, shows 1,300 units on hand.

Prepare schedule to compute the ending inventory at February 28, 2017, under FIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)

CARLA VISTA Company COMPUTATION OF INVENTORY FOR PRODUCT XL5500 UNDER FIFO INVENTORY METHOD choose the accounting periodchoose the accounting period For the Quarter Ended February 28, 2017For the Year Ended February 28, 2017February 28, 2017
		Units		Unit Cost		Total Cost
select an opening nameselect an opening name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		$ enter a dollar amount		$ enter a dollar amount
select an itemselect an item Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
select an itemselect an item Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a closing nameselect a closing name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a total amount				$ enter a total amount

Prepare schedule to compute the ending inventory at February 28, 2017, under LIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)

CARLA VISTA Company COMPUTATION OF INVENTORY FOR PRODUCT XL5500 UNDER LIFO INVENTORY METHOD choose the accounting periodchoose the accounting period For the Year Ended February 28, 2017February 28, 2017For the Quarter Ended February 28, 2017
		Units		Unit Cost		Total Cost
select an opening nameselect an opening name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		$ enter a dollar amount		$ enter a dollar amount
select an itemselect an item Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a closing nameselect a closing name Beginning InventoryPurchases January 8, 2017Purchases January 23, 2017Purchases February 9, 2017Purchases February 25, 2017February 28, 2017, Inventory		enter a total amount				$ enter a total amount

Calculate weighted average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted average-cost per unit

$ enter the weighted average-cost per unit rounded to 2 decimal places

Compute the ending inventory at February 28, 2017, under weighted-average inventory method. (Round answer to 0 decimal places, e.g. 2,760.)

		Weighted-Average
Ending Inventory at February 28, 2017		$ enter a dollar amount rounded to 0 decimal places

Answer 1

FIFO
Date	Particulars	Units	Cost	Amount	COGS
Jan 01	Beginning Inventory	1,000.00	77.00	77,000.00
Jan 08	Purchase	450.00	78.00	35,100.00
Jan 23	Purchase	1,100.00	78.25	86,075.00
Feb 09	Purchase	400.00	82.00	32,800.00
Feb 25	Purchase	700.00	84.00	58,800.00
	Total	3,650.00		289,775.00
	COGS	2,350.00		182,525.00	1000*77+450*78+900*78.25
	Ending Inventory	1,300.00		107,250.00	200*78.25 +400*82+700*84
COGS	182,525.00
Ending Inventory	107,250.00
LIFO
Date	Particulars	Units	Cost	Amount	COGS
Jan 01	Beginning Inventory	1,000.00	77.00	77,000.00
Jan 08	Purchase	450.00	78.00	35,100.00
Jan 23	Purchase	1,100.00	78.25	86,075.00
Feb 09	Purchase	400.00	82.00	32,800.00
Feb 25	Purchase	700.00	84.00	58,800.00
	Total	3,650.00		289,775.00
	COGS	2,350.00		189,375.00	700*84+400*82+1100*78.25+150*78
	Ending Inventory	1,300.00		100,400.00	300*78+1000*77
COGS	189,375.00
Ending Inventory	100,400.00
Weighted average
Date	Particulars	Units	Cost	Amount	COGS
Jan 01	Beginning Inventory	1,000.00	77.00	77,000.00
Jan 08	Purchase	450.00	78.00	35,100.00
Jan 23	Purchase	1,100.00	78.25	86,075.00
Feb 09	Purchase	400.00	82.00	32,800.00
Feb 25	Purchase	700.00	84.00	58,800.00
	Total	3,650.00	79.3904	289,775.00
	COGS	2,350.00	79.3904	186,567	2350*79.3904
	Ending Inventory	1,300.00	79.3904	103,208	1300*79.3904
COGS	186,567
Ending Inventory	103,208