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Units Unit Price Total Cost January 1 Beginning inventory 800 $ 11.00 $ 8,800 March 5 1st purchase 600 12.00 7,200 April 16 2nd purchase
Units | Unit Price | Total Cost | ||||
January 1 | Beginning inventory | 800 | $ | 11.00 | $ | 8,800 |
March 5 | 1st purchase | 600 | 12.00 | 7,200 | ||
April 16 | 2nd purchase | 500 | 12.50 | 6,250 | ||
June 3 | 3rd purchase | 700 | 14.00 | 9,800 | ||
August 18 | 4th purchase | 800 | 15.00 | 12,000 | ||
September 13 | 5th purchase | 900 | 17.00 | 15,300 | ||
November 14 | 6th purchase | 400 | 18.00 | 7,200 | ||
December 3 | 7th purchase | 500 | 20.30 | 10,150 | ||
5,200 | $ | 76,700 |
There are 1,100 units of inventory on hand on December 31.
Required:
1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:
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