Fill This Form To Receive Instant Help
Homework answers / question archive / Date Description Units Unit cost Total cost July 01 Beginning inventory 500 $20 $10,000 July 18 purchased 800 $24 $19,200 July 25 purchased 700 $26 $18,200 Aug 8 purchased 500 $23 $11,500 Sept 5 purchased 200 $21 $4,200 Oct 30 purchased 375 $24
Date | Description | Units | Unit cost | Total cost |
July 01 | Beginning inventory | 500 | $20 | $10,000 |
July 18 | purchased | 800 | $24 | $19,200 |
July 25 | purchased | 700 | $26 | $18,200 |
Aug 8 | purchased | 500 | $23 | $11,500 |
Sept 5 | purchased | 200 | $21 | $4,200 |
Oct 30 | purchased | 375 | $24.75 | $9281.25 |
Nov 8 | purchased | 100 | $23.50 | $2,350 |
Dec 20 | purchased | 50 | $18.75 | $937.50 |
Ending inventory 75 units, Complete a periodic FIFO, LIFO and Average cost.
Assuming that the question asks for the ending inventory using the three inventory valuation methods:
1. FIFO
Date | Transaction | Units | Unit Price | Total |
Nov 8 | Purchases | 25 | $23.50 | $587.50 |
Dec 20 | Purchases | 50 | $18.75 | $937.50 |
Total | 75 | $1,525 |
2. LIFO
Date | Transaction | Units | Unit Price | Total |
July 1 | Beginning Inventory | 75 | $20 | $1,500 |
3. Weighted Average
Weighted Average Cost = $75,668.75 / 3,225 units
Weighted Average Cost = $23.46 per unit
Ending Inventory = 75 units * $23.46
Ending Inventory = $1,759.50