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I just want to be sure everything is right. The instructions are: Date Description Units Cost per Unit 4/1 Inventory 300 $9.00 4/12 Purchase 500
I just want to be sure everything is right.
The instructions are:
Date Description Units Cost per Unit
4/1 Inventory 300 $9.00
4/12 Purchase 500 $8.60
4/19 Purchase 400 $7.25
4/23 Sale 600 N/A
4/28 Sale 100 N/A
First-in, first out (FIFO) method ODate Quantity (units) 300 Cost per Unit $9.00 Total Cost 2,700 4/1 4/12 500 $8.60 4,300 Description Opening Inventory Addition purchase Addition purchase Goods Available 4/19 400 $7.25 2,900 4/23 1200 9,900 Goods Sold Goods Available (600) 600 (5,280) 4,620 4/28 Goods Sold Closing Inventory (100) 500 (860) 3760 4/30 2,700+(300*8.60) =2,580 100*8.60=860 Ending inventory cost: $3,760 Cost of merchandise sold: $6,140 Last-in, first out (LIFO) method Date 4/1 Quantity (units) Cost per Unit 300 $9.00 Total Cost 2,700 4/12 500 $8.60 4,300 Description Opening Inventory Addition purchase Addition purchase Goods Available 4/19 400 $7.25 2,900 4/23 1200 9,900 Goods Sold Goods Available (600) 600 (4,620) 5,280 4/28 Goods Sold Closing Inventory (100) 500 (860) 4420 4/30 2,900+(200*8.60) =4620 100*8.60=860 Weighted-average cost method Date 4/1 Quantity (units) Cost per Unit $9.00 Total Cost 2,700 300 4/12 500 $8.60 4,300 Description Opening Inventory Addition purchase Addition purchase Goods Available 4/19 400 $7.25 2,900 4/23 1200 S8.25 9,900 Goods Sold Goods Available (600) 600 S8.25 S8.25 (4,950) 4950 4/28 Goods Sold Closing Inventory (100) 500 $8.25 $8.25 (825) 4,125 4/30 9900/1200=88.25 600*8.25=4950 100*8.25=825 Ending inventory cost: $4,125 Cost of merchandise sold: $5,775Step by Step Solution
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