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Inventory Valuation Date Transaction Description Units Purchased Unit Cost ($) Units Sold Unit Selling Price ($) Jan 1 Beginning Inventory 100 10 Jan 5 Purchase
Inventory Valuation
Date | Transaction Description | Units Purchased | Unit Cost ($) | Units Sold | Unit Selling Price ($) |
Jan 1 | Beginning Inventory | 100 | 10 | ||
Jan 5 | Purchase | 50 | 12 | ||
Jan 10 | Sale | 80 | 20 | ||
Jan 20 | Purchase | 30 | 11 | ||
Jan 25 | Sale | 40 | 22 |
Tasks:
- Calculate COGS and ending inventory using FIFO.
- Calculate COGS and ending inventory using LIFO.
- Calculate COGS and ending inventory using the weighted average method.
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