ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard.
1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using LIFO. 3. Compute the cost assigned to ending inventory using Weighted Average.
1st March PURCHASE 100 units $50 each
5th March PURCHASE 400 units $55 each
9th March PURCHASE 420 units $85 each
18th March PURCHASE 120 units $60 each
25th March PURCHASE 200 units $62 each
29th March PURCHASE 160 units $95 each
Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold #of Cost Date Cost per # of units Cost of Goods units unit sold per unit Sold March 1 100 @ $ 50.00 # of units 100 @ Inventory Balance Cost per unit Inventory Balance $ 50.00 S 5,000.00 $ 50.00 5,000.00 $ 55.00 22,000.00 $ 27,000.00 March 5 400 @ $ 55.00 100@ 400 @ March 9 80 @ = $ 4,000.00 100 320 @ $ 50.00 $ 55.00 $ 5,000.00 17.600.00 $ 22.600.00 $ 50.00 $ 55.00 = $ 4,000.00 March 18 120 @ $ 80.00 80 l 80 @ 120 @ $ 50.00 $ 55.00 $ 60.00 = 4,000.00 4,400.00 7,200.00 $ 15,000.00 March 25 200@ $ 62.00 11 80 @ 80 @ 120 @ 200@ $ 50.00 $ 55.00 $ 60.00 $ 62.00 s 4,000.00 4.400.00 7,200.00 12.400.00 $ 28,000.00 March 29 = @ @@@@ $ 50.00 $ 55.00 $ 60.00 $ 62.00 0.00 0.00 0.00 $ 50.00 $ 55.00 $ 60.00 $ 62.00 @ Totals $ 22,600.00 $ 0.00 Required Required 2 > Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Cost of Goods Sold Date Goods Purchased # of units Cost per unit 100 $ 50.00 # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance S 50.00 = $ 5,000.00 March 1 100 March 5 March 9 March 18 March 25 March 29 Totals S 0.00 Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using Weighted Average. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold Weighted Average Perpetual: Goods Purchased #of Date units Cost per unit March 1 100 @ 50.00 # of units sold Cost per unit Cost of Goods Sold # of units 100 @ Inventory Balance Cost per unit Inventory Balance $ 50.00 = $ 5,000.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Cost of Goods Sold Date Goods Purchased # of units Cost per unit 100 $ 50.00 # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance S 50.00 = $ 5,000.00 March 1 100 March 5 March 9 March 18 March 25 March 29 Totals S 0.00 Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using Weighted Average. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold Weighted Average Perpetual: Goods Purchased #of Date units Cost per unit March 1 100 @ 50.00 # of units sold Cost per unit Cost of Goods Sold # of units 100 @ Inventory Balance Cost per unit Inventory Balance $ 50.00 = $ 5,000.00 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00
