A B D E F G H I J K L M N 0 P O Purchases Cost-Flow Assumptions Units Sales Retail Pric Retail Price FIFO Date Units Cost/unit Total Beginning 100 50 3-5 Purchase 400 55 P3 P2 P1 Begin CGS 3-9 Sale 420 85 3-18 Purchase 120 60 3-25 Purchase 200 62 3-29 Sales 160 95 LIFO Totals 820 580 Units Cost of Units Sales available Revenue for sale at Available Goods sold during for Sale the year. some point during Units available - Units sold = Units remaining or ending inventory 820 580 240 Sales Revenue - Cost of Goods Sold = Gross Profit F J M N 0 P Q R S T G Sales Retail Pric Retail Price K L FIFO Cost/unit Total LIFO Units Units Units Cost/unit Total A B C D E Beg Inv + Purchases Date Units Cost/unit Total Beginning 100 50 3-5 Purchase 400 55 3-9 Sale 3-18 Purchase 120 60 3-25 Purchase 200 62 3-29 Sales 420 85 LIFO 160 95 Totals 820 580 0 0 CGS CGS Ending Inventory Ending Inventory Under any inventory cost-flow assumption, the total of ending inventory and cost of goods sold must equal the cost of goods available for sale. Ending balance Ending balance CGS + End Inv. CGS + End Inv. Ending Inventory + Cost of Goods Sold Cost of Goods Available for Sale FIFO P3 P2 P1 Begin CGS B IT G H I M M Sales Retail Pric Retail Price JK L Specific Identification Units Cost/unit Total Units A B D E Beg Inv + Purchases Date Units Cost/unit Total 1-1 Beginning 2-10 Purchase 3-13 Purchase 3-15 Sales 8-21 Purchase 9-5 Purchase 9-10 Sale Totals 0 0 - Ending #DIV/0! per unit Weighted Average Ending balance CGS = #DIV/0! End Inv= #DIV/0! CGS + End Inv. #DIV/0