_________Accounting Inventory, FIFO, LIFO, Average, Specific, Income, Gross Profit.docx

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---------------------------------------------------------------------------------------------------|---------------------Price 39,100Transportation-in 2,000Insurance on shipment 310Cleaning and refurbishing 650Total cost of Inventory 42,060---------------------------------------------------------------------------------------------------
SPECIFIC IDENTIFICATIONDateAvailable for SaleCost of Goods SoldEnding InventoryActivity Units Cost Units Cost COGS Units Cost Inv.Cost Jan.1 Beginning Inventory 205 13.00 185 13.00 2,405.00 30 13.00 390.00Jan. 20 Purchase 140 12.00 135 12.00 1,620.00 5 12.00 60.00Jan. 30 Purchase 310 11.50 0 11.50 0.00 310 11.50 3,565.00655 320 4,025.00 345 4,015.00---------------------------------------------------------------------------------------------------
WEIGHTED AVERAGEDate Goods Purchased Cost of Goods Sold Inventory Balance-----------------------------------------------------------------------------------------------------------------------------------------------------------Jan.120513.002,665.00Jan. 1016513.002,145.004013.00520.00Jan. 20 140 12.00 40 13.00 520.0014012.001,680.00Average cost18012.222,200.00Jan. 2514512.221,722.223512.22427.78Jan. 30 310 11.50 35 12.22 427.78 31011.503,565.00
Totals 3,867.22 345 11.57 3.992.78------------------------------FIFODate Goods Purchased Cost of Goods Sold Inventory Balance-----------------------------------------------------------------------------------------------------------------------------------------------------------Jan.120513.002,665.00Jan. 1016513.002,145.004013.00520.00Jan. 20 140 12.00 40 13.00 520.0014012.001,680.002,200.00Jan. 25 40 13.00 520.00 0 13.00 0.00105 12.00 1,260.0035 12.00 420.001,780.00420.00Jan. 30 310 11.50 0 13.00 0.0035 12.00 420.0031011.503.565.00Totals 3,925.00 3,985.00------------------------------LIFODate Goods Purchased Cost of Goods Sold Inventory Balance-----------------------------------------------------------------------------------------------------------------------------------------------------------Jan.120513.002,665.00Jan. 1016513.002,145.004013.00520.00Jan. 20 140 12.00 40 13.00 520.0014012.001,680.002,200.00Jan. 25 140 12.00 1,680.00 40 13.00 520.00012.000.00

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