250 polnts M715 Supplement 7A Calculating Cost of Goods Sold

2.50 polnts M7-15 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1] Lteracy for the iterate opened a new anuary & $9 on January 20. Assume 1,000 units are on hand at the end of the month. to 2 decimal ??? units between Jana y 9 ard January 2. (Round your in of Goods Soldcots Weighted Average Cost [LO 7-$1] MacBook Air

Solution

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Purchase 1-Jan 300 5 1500 300 5 1500 8-Jan 450 8 3600 300 8 2400 150 8 1200 29-Jan 850 9 7650 850 9 7650 TOTAL 1600 12750 600 3900 1000 8850 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Purchase 1-Jan 300 5 1500 300 5 1500 8-Jan 450 8 3600 450 8 3600 29-Jan 850 9 7650 600 9 5400 250 9 2250 TOTAL 1600 12750 600 5400 1000 7350 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Purchase 1-Jan 300 5 1500 8-Jan 450 8 3600 29-Jan 850 9 7650 TOTAL 1600 7.97 12750 600 7.97 4782 1000 7.97 7968 FIFO LIFO Average Cost of Goods available for sale 12750 12750 12750 Cost of Goods sold 3900 5400 4782 Ending inventory 8850 7350 7968