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Inventory Costing Methods Carrington Inc. reported the following information for the month of August: Inventory, August 1 70 units @ $26 Purchase: August 7 46
Inventory Costing Methods
Carrington Inc. reported the following information for the month of August:
Inventory, August 1 | 70 units @ $26 | |
Purchase: | ||
August 7 | 46 units @ $28 | |
August 18 | 70 units @ $30 | |
August 27 | 40 units @ $31 |
During August, Carrington sold 148 units. The company uses a periodic inventory system.
Required:
What is the value of ending inventory and cost of goods sold for August under the following assumptions.
Assumption | Cost of Goods Sold | Ending Inventory |
1. Of the 148 units sold, 59 cost $26, 32 cost $28, 53 cost $30, and 4 cost $31. | ||
2. FIFO | ||
3. LIFO | ||
4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) |
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