Question

The following information is available with respect to the purchases and sales of merchandise during the first part of January 2019:

Jan. 1                   opening inventory          3,000 units at $25.00 each         

Jan. 10                purchased                         4,500 units at $35.00 each

Jan. 12                sold                                    3,500 units

Jan. 15                purchased                        1,000 units at $32.50 each

Jan. 21                sold                                    1,500 units  

Required:

1. Calculate the Cost of Goods Sold and Ending Inventory using FIFO and Moving Weighted Average Cost using the costing worksheets provided below.   

2. Calculate the Gross Profit under FIFO and Moving Weighted Average. Assume a net selling price of $ 50.00 per unit sold.    Show your calculations in the space provided below each worksheet.

   Weighted Average (Round average unit costs to two decimal places)

   Date	Purchases			Cost of Goods Sold			On Hand Balance
   January	Units	Unit Cost	Total Cost	Units	Unit Cost	Total Cost	Units	Unit Cost	Total Cost
   1							3,000	25.00	75,000
   Totals

send me as soon as possible

Answer 1

1. FIFO Method -

Income Statement, Ending Inventory and Cost of Goods Sold -

2. Moving Weighted Average Cost -

Income Statement, Ending Inventory and Cost of Goods Sold -