Question

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Units Unit Cost Mar. 1 Beginning Inventory 7 $32 Mar. 3 Purchase 52 $37 Mar. 6 Purchase 102 $42 Mar. 17 Sale 47 Mar. 23 Purchase 34 $42 Mar. 31 Sale 124 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.)

Answer 1

LIFO Method (Perpetual Inventory system)
Sport Box
Date	Quantity Purchased	Purchases unit cost	Purchases total cost	Quantity sold	Cost of merchandise sold unit cost	Cost of merchandise sold total cost	Inventory Quantity	Inventory Unit cost	Inventory Total cost
Mar.1							7	$32.00	$224.00
Mar.3	52	$37.00	$1,924.00				7	$32.00	$224.00
							52	$37.00	$1,924.00
Mar.6	102	$42.00	$4,284.00				7	$32.00	$224.00
							52	$37.00	$1,924.00
							102	$42.00	$4,284.00
Mar.17				47	$42.00	$1,974.00	7	$32.00	$224.00
							52	$37.00	$1,924.00
							55	$42.00	$2,310.00
Mar.23	34	$42.00	$1,428.00				7	$32.00	$224.00
							52	$37.00	$1,924.00
							55	$42.00	$2,310.00
							34	$42.00	$1,428.00
Mar.31				34	$42.00	$1,428.00	7	$32.00	$224.00
				55	$42.00	$2,310.00	17	$37.00	$629.00
				35	$37.00	$1,295.00
						$7,007.00			$853.00
FIFO Method (Perpetual Inventory system)
Sport Box
Date	Quantity Purchased	Purchases unit cost	Purchases total cost	Quantity sold	Cost of merchandise sold unit cost	Cost of merchandise sold total cost	Inventory Quantity	Inventory Unit cost	Inventory Total cost
Mar.1							7	$32.00	$224.00
Mar.3	52	$37.00	$1,924.00				7	$32.00	$224.00
							52	$37.00	$1,924.00
Mar.6	102	$42.00	$4,284.00				7	$32.00	$224.00
							52	$37.00	$1,924.00
							102	$42.00	$4,284.00
Mar.17				7	$32.00	$224.00
				40	$37.00	$1,480.00	12	$37.00	$444.00
							102	$42.00	$4,284.00
Mar.23	34	$42.00	$1,428.00
							12	$37.00	$444.00
							102	$42.00	$4,284.00
							34	$42.00	$1,428.00
Mar.31				12	$37.00	$444.00
				102	$42.00	$4,284.00
				10	$42.00	$420.00	24	$42.00	$1,008.00
						$6,852.00			$1,008.00
Weighted Average Method (Perpetual Inventory system)
Sport Box
Date	Quantity Purchased	Purchases unit cost	Purchases total cost	Quantity sold	Cost of merchandise sold unit cost	Cost of merchandise sold total cost	Inventory Quantity	Inventory Unit cost	Inventory Total cost
Mar.1							7	$32.00	$224.00
Mar.3	52	$37.00	$1,924.00				59	$36.41	$2,148.00
Mar.6	102	$42.00	$4,284.00				161	$39.95	$6,432.00
Mar.17				47	$39.95	$1,877.66	114	$39.95	$4,554.34
Mar.23	34	$42.00	$1,428.00				148	$40.42	$5,982.34
Mar.31				124	$40.42	$5,012.23	24	$40.42	$970.11
						$6,889.89			$970.11
Answer Summary
		Cost of goods sold	Ending Inventory
LIFO		$7,007	$853
FIFO		$6,852	$1,008
Weighted average		$6,890	$970