In: Accounting
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
Solution
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 |