Question

In: Accounting

Inventory Costing Worksheet Practice &

Inventory Costing Worksheet Practice

Units Cost per unit

Beginning inventory 30 $10

Puirchase 3/31 20 $11

Purchase 4/30 20 $12

Purchase 5/31 30 $13

There is a total of 100 units. 65 units were sold, therefore 35 units were in ending inventory. Calculate the following under the periodic method for costing inventory

Compute cost of goods sold under FIFO.

Compute ending inventory under FIFO.

Compute cost of goods sold under LIFO.

Compute ending inventory under LIFO.

Compute cost of goods sold under average cost.

Compute ending inventory under average cost.

Expert Solution

Solution

Compute cost of goods sold under FIFO.= $700

Compute ending inventory under FIFO.= $450

Compute cost of goods sold under LIFO.= $795

Compute ending inventory under LIFO.= $355

Compute cost of goods sold under average cost.= $748

Compute ending inventory under average cost.= $403

Working

	Units	Cost per unit	value
Beginning Balance	30	$ 10.00	$ 300
Purchases
	20	$ 11.00	$ 220
	20	$ 12.00	$ 240
	30	$ 13.00	$ 390

Cost of goods available for sale	100		$ 1,150

.

Average Cost of Inventory

Units	(A)	100
Total Cost	(B)	$ 1,150
Average Cost	(C=B/A)	$ 11.50

.

FIFO
Total Units Available for sale		100
Units Sold		65
Closing Stock in Units		35

Valuation
Ending Inventory	30	@	$ 13.00	$ 390
	5	@	$ 12.00	$ 60

Value Of Ending Inventory				$ 450

Cost of Goods sold	1150 minus 450			$ 700
LIFO
Total Units Available for sale		100
Units Sold		65
Closing Stock in Units		35

Valuation
Ending Inventory	30	@	$ 10.00	$ 300
	5	@	$ 11.00	$ 55

Value Of Ending Inventory				$ 355

Cost of Goods sold	1150 minus 355			$ 795

Weighted Average method
Total Units Available for sale		100
Units Sold		65
Closing Stock in Units		35

Valuation
Ending Inventory	35	@	$ 11.50	$ 403

Value Of Ending Inventory				$ 403

Cost of Goods sold	(Total Purchase and opening stock Minus Closing Stock)			$ 748

ekkarill92 answered 3 years ago

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