Question

Swifty Corporation had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were:

Feb. 20		630		units at		$8		Aug. 12		445		units at		$10
May 5		535		units at		$9		Dec. 8		120		units at		$11

Swifty uses a periodic inventory system. Sales totaled 1,500 units.

The cost of goods available for sale 16465

Average Cost 8.9

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
The cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

Answer 1

FIFO METHDO
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	ENDING INVENTORY
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
Jan,01	Beginning Balance	120	$                7.00	$                     840	120	$           7.00	$                 840
Feb, 20	Purchases	630	$                8.00	$                  5,040	630	$           8.00	$             5,040
May, 05	Purchases	535	$                9.00	$                  4,815	535	$           9.00	$             4,815
Aug, 12	Purchases	445	$             10.00	$                  4,450	215	$         10.00	$             2,150	230	$         10.00	$             2,300
Dec, 08	Purchases	120	$             11.00	$                  1,320				120	$         11.00	$             1,320
	Total Goods Available For sale	1,850		$               16,465	1,500		$           12,845	350		$             3,620
LIFO METHDO
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	ENDING INVENTORY
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
Jan,01	Beginning Balance	120	$                7.00	$                     840				120	$           7.00	$                 840
Feb, 20	Purchases	630	$                8.00	$                  5,040	400	$           8.00	$             3,200	230	$           8.00	$             1,840
May, 05	Purchases	535	$                9.00	$                  4,815	535	$           9.00	$             4,815
Aug, 12	Purchases	445	$             10.00	$                  4,450	445	$         10.00	$             4,450
Dec, 08	Purchases	120	$             11.00	$                  1,320	120	$         11.00	$             1,320
	Total Goods Available For sale	1,850		$               16,465	1,500		$           13,785	350		$             2,680
WEIGHTED AVERAGE METHOD
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	ENDING INVENTORY
Date	Particulars	Units	Cost Per unit	Total	No. of Kg	Cost Per unit	Cost of Goods Sold	No. of Kg	Cost Per unit	Ending inventory
Jan,01	Beginning Balance	120	$                7.00	$                     840				120	$           7.00	$                 840
Feb, 20	Purchases	630	$                8.00	$                  5,040				230	$           8.00	$             1,840
May, 05	Purchases	535	$                9.00	$                  4,815
Aug, 12	Purchases	445	$             10.00	$                  4,450
Dec, 08	Purchases	120	$             11.00	$                  1,320
	Total Goods Available For sale / Avg. Price	1,850	8.90	$               16,465	1,500	8.90	13,350	350	8.90	3,115
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