5.

Please calculate the ending Inventory and Cost of Goods Sold for the following scenarios:

A. Using the Periodic Method please calculate the Inventory and Cost of Goods Sold using

FIFO, LIFO, and Weighted Average methods.

i. Bought 2,000 units @ $7

ii. Sold 1,500 units

iii Bought 3,000 units @ $9

iv. Sold 2.300 units

v. Bought 4,000 units @ $12

vi. Sold 5,000 units

FIFO - (6 points)

COGS -?

Remaining Inventory-?

LIFO - (6 points)

COGS -?

Remaining Inventory-?

Weighted Average - (6 points)

COGS -?

Remaining Inventory-?

B.

Using the Perpetual Method please calculate the Inventory and Cost of Goods Sold using

FIFO, LIFO, and Weighted Average methods.

i. Bought 10,000 units @ $6

ii Sold 6.500 units

iii. Bought 5,000 units @$5

iv. Sold 6,500 units

v. Bought 8,000 units @ $7

vi. Sold 8.200 units

FIFO - (6 points)

COGS-?

Remaining Inventory-?

LIFO - (6 points)

COGS-?

Remaining Inventory -?

C.

Please calculate the Inventory and CoGS using the Specific Identification. (6 points)

You run a construction company and have built seven houses that are being

prepared for sale. The houses are treated as inventory and have the following

costs associated with each home.

1. House 1 - $210,000

2. House 2 - $410,000

3.House 3 - $325.000

4. House 4 - $415.000

5. House 5 - $625,000

6. House 6 - $375,000

7. House 7 - $512,000

ii. You have sold Houses 2, 3, and 4. (6 points)

COGS-?

Remaining Inventory -?