Question
Date Units Cost per unit Total Cost Beg. Inv. 500 $10 $5,000 Feb. 4 700 $11 $7,700 Feb. 11 600 $13 $7,800 Feb. 18 Sale
| Date | Units | Cost per unit | Total Cost |
| Beg. Inv. | 500 | $10 | $5,000 |
| Feb. 4 | 700 | $11 | $7,700 |
| Feb. 11 | 600 | $13 | $7,800 |
| Feb. 18 | Sale of 800 units |
|
|
| Feb. 21 | 1,000 | $15 | $15,000 |
| Feb. 26 | Sale of 1,400 units |
|
|
Using the table above, calculate Cost of Goods Available for Sale.
2.
| Date | Units | Cost per unit | Total Cost |
| Beg. Inv. | 500 | $10 | $5,000 |
| Feb. 4 | 700 | $11 | $7,700 |
| Feb. 11 | 600 | $13 | $7,800 |
| Feb. 18 | Sale of 800 units |
|
|
| Feb. 21 | 1,000 | $15 | $15,000 |
| Feb. 26 | Sale of 1,400 units |
|
|
Using the table above, calculate Cost of Goods Sold and Ending Inventory using Specific Identification. Units sold from Feb. 18 sale are 500 from Feb. 4 purchase and 300 from Feb. 11 purchase. Units sold from Feb. 26 sale are 800 units from Feb. 21 purchase, 500 units from Beginning Inventory, and 100 units from Feb. 11 purchase.
3.
| Date | Units | Cost per unit | Total Cost |
| Beg. Inv. | 500 | $10 | $5,000 |
| Feb. 4 | 700 | $11 | $7,700 |
| Feb. 11 | 600 | $13 | $7,800 |
| Feb. 18 | Sale of 800 units |
|
|
| Feb. 21 | 1,000 | $15 | $15,000 |
| Feb. 26 | Sale of 1,400 units |
|
|
Using the table above, calculate Cost of Goods Sold and Ending Inventory using FIFO.
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