# of Units $ Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory Cost per Unit 20 $ 20.00 22.00 33 30.00 T otal Cost 400.00 594.00 990.00 1,984.00 $ 10 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 16 FIFO Ending Inventory # of Units Cost per Unit Total Cost Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase 44 FIFO Cost of Goods Sold # of Units Cost per Unit T otal Cost Description 23 Beginning Inventory 24 Jan. 15 Purchase B 24 Jan. 15 Purchase 36 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. LIFO Ending Inventory # of Units Cost per Unit Total Cost Description 31 Beginning Inventory 32 Jan. 15 Purchase 44 LIFO Cost of Goods Sold # of Units Cost per Unit De T otal Cost Description 37 Jan. 20 Purchase 38 Jan. 15 Purchase 41 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. #2 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. Weighted Average Cost = Cost of Goods Available for Sale Number of Units Available for Sale per unit Average Cost = Number of Units Available for Sale per unit Weighted Average Ending Inventory # of Units Cost per Unit Total Cost onninin in Weighted Average Cost of Goods Sold # of Units Cost per Unit Total Cost 56 4) Use the given information and your calculated numbers to complete the cost of Goods Sold 57 Equation below for all three inventory methods. (All numbers should be positive.) FIFO LIFO Wtd. Avg. 59 Beginning Inventory 50 Add: Purchases 51 Goods Available for Sale 52 Less: Ending Inventory 53 Cost of Goods Sold UU