Question

Fill in the missing amounts for items (a) through (o) as well as a1 through m1 in the following perpetual inventory records:

Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,250.)

		Purchases						Cost of Goods Sold						Balance
Date		Units		Cost		Total		Units		Cost		Total		Units		Cost		Total		Units		Total Cost		WA Cost Per unit
Apr-01		Beginning Inventory
		29		$12		$348								29		$12		$348
Apr-15		47		$14		$658										$		$		29		$348
																				47		$658
																						$		$
Apr-20								34		$		$				$		$		76		$1,006
																				-34		$450.16
																						$		$
Apr-23		42		$15		$630								84		$		$		42		$555.84
																				42		$630
																						$		$
Apr-28								47		$		$		37		$		$		84		$1,185.84
																				-47		$663.64
																				37		$		$
		118				$1,636		81				$		37				$522.20

  

  

Calculate the cost of goods sold and ending inventory using FIFO. (HINT: Use two rows to show your cost of goods sold calculation in layers)

		Purchases						Cost of Goods Sold						Inventory Balance
Date		Units		Cost		Total		Units		Cost		Total		Units		Cost		Total
Apr-01		Beginning Inventory
		29		$12		$348								29		$12		$348
Apr-15		47		$14		$658								29		$12		348
																$		$
Apr-20								34 - 29		$		$
								5		$		$				$		$
Apr-23		42		$15		$630										$		$
																$		$
Apr-28								47 - 42		$		$
								5		$		$		37		$		$
		118				$1,636		81				$		37				$555

Answer 1

a) W.Average cost method-

Date	Purchase	Cost of goods sold	Inventory balance	W.Average total cost	Units	W. Avg. cost per unit
	Units	$/Units	$ Total	Units	$/Units	$ Total	Units	$/Units	$ Total	Amount ($)		Amount ($)
Apr-01	29	12	348	Opening Balance	29	12	348	348	29	12
Apr-15	47	14	658		29	12	348	1006	76	13.24
47	14	658
Apr-20		34	13.24	450	42	13.24	556	556	42	13.24
Apr-23	42	15	630		42	13.24	556	1186	84	14.12
42	15	630
Apr-28		47	14.12	664	37	14.12	522	522	37	14.12
	Cost of goods sold	81		1114
		Closing Balance	37	14.12	522

W. Avg. cost per unit=W.Average total cost/Total units.

b) FIFO Method

Date	Purchase	Cost of goods sold	Inventory balance
	Units	$/Units	$ Total	Units	$/Units	$ Total	Units	$/Units	$ Total
Apr-01	29	12	348	Opening Balance	29	12	348
Apr-15	47	14	658		29	12	348
47	14	658
Apr-20		29	12	348	42	14	588
5	14	70
Apr-23	42	15	630		42	14	588
42	15	630
Apr-28				42	14	588	37	15	555
			5	15	75
	Cost of goods sold	81		1081
		Closing Balance	37	15	555

Please mention your doubts in comment section if any

Thanks & all the best.