inventory and COGS

H B C D G Instructions: Doofenshmirtz Evil Inc. uses the periodic inventory system. They make quarterly purchases of inventory as outlined below. Doofenshmirtz uses the FIFO Inventory method. However, the CEO, Heinz, would like you to calculate COGS and ending inventory for each of the three methods: FIFO, LIFO, and weighted average, in order to assist management in deciding to keep or change the method. Complete the tables and answer two questions below. Total Cost $5,400 $65,100 $47,500 $62,000 $26,950 FINAL STEP Beg Inventory Purchases COGAFS End. Inventory COGS FIFO $5,400 $201.550 $206,950 LIFO $5,400 $201.550 $206,950 Welghted Avg. $5,400 $201.550 $206,950 Total Cost LIFO Ending Inventory Hof Units Cost per Unit Total Cost 5 6 Description #of Units Cost per Unit 7 Beginning inventory 1,200 $4.50 8 Jan 31 Purchase 14,000 $4.65 9 April 31 Purchase 10,000 $4.75 10 July 31 Purchase 12,400 $5.00 11 Oct. 31 Purchase 5.500 $4.90 12 2020 Sales 40,000 13 Ending Inventory 3,100 14 15 FIFO Ending Inventory 16 Description Nof Units Cost per Unit 17 Oct. 31 Purchase 18 19 Total 3.100 20 21 Weighted Average Inding Inventory 22 Total Cost of Units Available 23 Total Units Available 43,100 24 Rate per Unit 25 of Unitsin Ending inv. 3,100 26 SS in Endine inventory 22 28 29 30 31 12 33 Description Beg. Inventory Jan. 31 Purchase Total SO 3,100 50 The inventory costing method that results in the lowest COGS IS The inventory costing method that results in the highest ending inventory is