Question
The Carla Vista Store had a beginning inventory on January 1 of 300 full-size strollers at a cost of $190 per unit. During the year,
The Carla Vista Store had a beginning inventory on January 1 of 300 full-size strollers at a cost of $190 per unit. During the year, the following purchases were made: Units Unit Cost Mar. 15 79 $191 July 20 61 190 Sept. 4 25 188 Dec. 2 12 183 At the end of the year, there were 37 units on hand. The Carla Vista Store uses a periodic inventory system. During the year, The Carla Vista Store sold the strollers for $290 per unit.
Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.)
FIFO | Weighted Average | |||
---|---|---|---|---|
Cost of goods sold | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | ||
Ending inventory | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places |
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