Accounting 2

ple: ACC1020Smith Comp Prob 1.doc. Company's beginning inventory and purchases during the fiscal year ended December 31, 20x2 as follows: Event Units Unit Price Total Cost 10.00 11.50 14.50 15.00 16.50 18.00 18.50 20.00 $15,000.00 5,750.00 8,700.00 18,000.00 13,200.00 5,400.00 12,950.00 1,500 beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase uary 1, 20x2 ary 12 ruary 28 e 29 gust 31 ctober 29 ovember 30 500 600 1,200 800 300 700 400 6,000 8,000 7th purchase $87,000.00 There are 1,200 units of inventory on hand at December 31, 20x2. REQUIRED: 1) Calculate the total amount to be assigned to the cost of Goods Sold for the year ending 20X2 and the ending inventory on December 31 under each of the following periodic inventory methods: a) FIFO, b) LIFO, C) Weighted average (round calculations to 2 decimal places). 1a) FIFO method: Date Cost of Ending Inventory Cost of Goods Sold Units Unit Total Units Unit Tota Price Price January 1 Beginning Inventory wl