Question
Question:Determine the cost assigned to ending inventory and to cost of goods sold using a) FIFO b) Weighted average Problem 6-1B Compute the cost assigned
Question:Determine the cost assigned to ending inventory and to cost of goods sold using
a) FIFO
b) Weighted average
Problem 6-1B
Compute the cost assigned to ending inventory using:
FIFO
LIFO
Weighted Average and
Specific identification
Date
Activities
Units acquired at cost
Units sold at Retail
April 1
Beginning Inventory
20 units @$3,000 per
unit
April 6
Purchases
30 units @ $3,500 per
unit
April 9
Sales
35 units @ $12,000
per unit
April 17
Purchases
5 units @ $4,500 per
unit
April 25
Purchases
10 units @ $4,800 per
unit
April 30
Sales
25 units@$14,000 per
unit
Total
65 units
60 Units
(For specific identification, the April 9 sales consisted of 8 units from beginning
inventory and 27 units from the April 6 Purchases; The April 30 sale consisted of 12
units from the beginning inventory, 3 units from April 6 purchases and 10 units from
the April 25 purchase)
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Modern Advanced Accounting in Canada
Authors: Hilton Murray, Herauf Darrell
8th edition
1259087557, 1057317623, 978-1259087554
