P6-11B

Inventory Costing MethodsPerpetual Method Gleem Sales Corporation uses the perpetual inventory system

On January 1, 2015 inventory Gleem had:

2,600

units of product B with a unit cost of

$40

per unit

A summary of purchases and sales during 2015 follows:

Unit

Units

Unit Cost

Purchased

Sold

Jan. 3

1,600

Mar. 8

$44

3,000

June 13

2,000

Sept. 19

46

800

Nov. 23

48

1,200

Dec. 28

1,800

Required

a.

Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for 2015

and the ending inventory balance at December 31, 2015, for product B.

b.

Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2015

and the ending inventory balance at December 31, 2015, for product B.

c.

Assume that Gleem uses the weighted-average cost method. Compute the cost of goods sold for

2015 and the ending inventory balance at December 31, 2015, for product B.

Round the cost

per unit to 3 decimal places and round your final answers to the nearest dollar.

a.

First-In, First-Out

PURCHASED

SOLD

ENDING INVENTORY BALANCE

Unit

Unit

Unit

Date

Units

Cost

Total

Units

Cost

Total

Units

Cost

Total

Jan.1

Jan. 3

Mar. 8

June 13

Sept. 19

Nov. 23

Dec. 28

Ending Inventory

Cost of Goods Sold

b.

Last-In, First-Out

PURCHASED

SOLD

ENDING INVENTORY BALANCE

Unit

Unit

Unit

Date

Units

Cost

Total

Units

Cost

Total

Units

Cost

Total

Jan.1

Jan. 3

Mar. 8

June 13

Sept. 19

Nov. 23

Dec. 28

Ending Inventory

Cost of Goods Sold

c.

Weighted Average

PURCHASED

SOLD

ENDING INVENTORY BALANCE

Unit

Unit

Unit

Date

Units

Cost

Total

Units

Cost

Total

Units

Cost

Total

Jan.1

Jan. 3

Mar. 8

June 13

Sept. 19

Nov. 23

Dec. 28

Ending Inventory

Cost of Goods Sold

How would I figure this out?Thanks