Determining Cost of Goods Sold and the Cost of Ending Inventory

Refer to the table below. Assume that 3 units were sold during the year. Calculate COGS and the cost of ending inventory using FIFO, LIFO and weighted average.

Purchase Date Cost

January 1

Unit 1 $2

Unit 2 $3

Unit 3 $4

Unit 4 $5

December 31

Unit 5 $6

FIFO LIFO Weighted Average

Cost of Goods Sold: Cost of Goods Sold: Cost of Goods Sold:

Ending Inventory: Ending Inventory: Ending Inventory: