Know Videos Excel Sims Halp Save Exit Submit Inventory cos

Know Videos & Excel Sims Halp Save & Exit Submit Inventory costing methods 1 Calculate cost of ending inventory and cost of goods sold using periodic FIFO LIFO, and Weighted Average Cost meshods HOMEINSERTPAGE LAYOUTFORMULAS DATA RIVIEW Sign tn .abn Formatting bleStyles Font [X /_..!Better Bottles, irc, uses a periodic inventory witem and has tbe following : system and has the following information available: 6 an, 20 Purchase Goods Available for Sale 12 Required: 1) Calulate both the Ending Ieventory and Cost of Goods Sold using Periodic FIFO Activate Windows o to Settings to activate Windows

Solution

FIFO ending inventory – all units of jan 20 and remaining from jan 15

FIFO ending inventory

Description

Number of units

Cost per unit

Total cost

Jan. 20 purchase

33

30

990

Jan. 15 purchase

11

22

242

1232

FIFO cost of goods sold – all units of beginning inventory and remaining from jan 15

FIFO cost of goods sold

Description

Number of units

Cost per unit

Total cost

Beginning inventory

20

20

400

Jan. 15 purchase

16

22

352

752

LIFO ending inventory – all units of beginning inventory and remaining from jan 15

LIFO ending inventory

Description

Number of units

Cost per unit

Total cost

Beginning inventory

20

20

400

Jan. 15 purchase

24

22

528

928

LIFO cost of goods sold – all units of jan 20 and remaining from jan 15

LIFO cost of goods sold

Description

Number of units

Cost per unit

Total cost

Jan. 20 purchase

33

30

990

Jan. 15 purchase

3

22

66

1056

Weighted average cost = cost of goods available for sale/number of units available for sale = 1984/80 = 24.80 per unit

Weighted average ending inventory

Number of units

Cost per unit

Total cost

44

24.80

1091.20

Weighted average cost of goods sold

Number of units

Cost per unit

Total cost

36

24.80

892.80

Description

FIFO

LIFO

Weighted average

Beginning inventory

400

400

400

Jan. 15 purchase

594

594

594

Jan. 20 purchase

990

990

990

Goods available for sale

1984

1984

1984

Less: ending inventory

1232

928

1091.20

COGS

752

1056

892.80

FIFO ending inventory
Description	Number of units	Cost per unit	Total cost
Jan. 20 purchase	33	30	990
Jan. 15 purchase	11	22	242
			1232