Question

Assume the following data for Kruger Sales for November 2013:

Beginning inventory Nov. 15 units at $90 each

Sale Nov. 33 units

Nov. 6 purchase11 units at $95 each

Sale Nov. 84 units

Sale Nov. 93 units

Requirement 1: calculate ending inventory and COGS for Kruger Sales assuming FIFO

Requirement 2: calculate ending inventory and COGS for Kruger Sales assuming Weighted Average

Answer 1

1.

	Available for sale			Cost of goods sold			Ending Inventory
Date	Units	Unit cost	Total Cost	Units	Unit cost	Total Cost	Units	Unit Cost	Total Cost
Nov-01							5	90	450
Nov-03				3	90	270	2	90	180
Nov-06	11	95	1,045				2	90	180
							11	95	1,045
Nov-08				2	90	180
				2	95	190	9	95	855
Nov-09				3	95	285	6	95	570
Total						925			570

Cost of ending inventory = $570

Cost of goods sold = $925

b.

	Available for sale			Cost of goods sold			Ending Inventory
Date	Units	Unit cost	Total Cost	Units	Unit cost	Total Cost	Units	Unit Cost	Total Cost
Nov-01							5	90	450
Nov-03				3	90	270	2	90	180
Nov-06	11	95	1,045				13	94.23	1,225
Nov-08				4	94.23	377	9	94.23	848
Nov-09				3	94.23	283	6	94.23	565
Total						930			565

Cost of ending inventory = $565

Cost of goods sold = $930

Kindly comment if you need further assistance. Thanks