Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


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

Marketing

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.

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

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