# inventory - 1 Caluculation of Cost of goods and...

• No School
• AA 1
• 4

This preview shows page 1 - 4 out of 4 pages.

1. Caluculation of Cost of goods and Available for Sale Date Purchase Details Units acquired Unit Cost Total Cost 1-Jan Beginning Balance 400 \$ 14.00 \$ 5,600 10-Mar Purchase 200 \$ 15.00 \$ 3,000 9-May Purchase 300 \$ 16.00 \$ 4,800 22-Sep Purchase 250 \$ 20.00 \$ 5,000 28-Nov Purchase 100 \$ 21.00 \$ 2,100 Total ### The cost of goods available for sales is \$20,500 2a. Calculation of ending inventory and cost of good sold under FIF FIFO Methods Goods Purchased Cost of goods Sold Inventory Balance Date # of units Cost per Unit # of unit Sold Cost per u # of Units 1-Jan 400 \$ 14.00 15-Jan 200 \$ 14.00 \$ 2,800 200 \$ 14.00 10-Mar 200 \$ 15.00 200 \$ 14.00 200 \$ 15.00 1-Apr 200 \$ 14.00 \$ 2,800 200 \$ 15.00 9-May 300 \$ 16.00 200 \$ 15.00 300 \$ 16.00 22-Sep 250 \$ 20.00 200 \$ 15.00 300 \$ 16.00 250 \$ 20.00 1-Nov 200 \$ 15.00 \$ 3,000 200 \$ 16.00 100 \$ 16.00 \$ 1,600 250 \$ 20.00 28-Nov 100 \$ 21.00 200 \$ 16.00 250 \$ 20.00 100 \$ 21.00 Total \$ 10,200 Ending Inventory Cost is \$10,300 and cost of goods sold is \$10,200 under FIFO Method 2b. Calculation of ending inventory and cost of good sold under LIF LIFO Methods Goods Purchased Cost of goods Sold Inventory Balance Date # of units Cost per Unit # of unit Sold Cost per u # of Units 1-Jan 400 \$ 14.00 15-Jan 200 \$ 14.00 \$ 2,800 200 \$ 14.00 10-Mar 200 \$ 15.00 \$ - 200 \$ 14.00 \$ - 200 \$ 15.00 1-Apr 200 \$ 15.00 \$ 3,000 200 \$ 15.00 9-May 300 \$ 16.00 \$ - 200 \$ 15.00 \$ - 300 \$ 16.00 Cost of Goods sold Cost Per Unit Cost of Goods sold Cost Per Unit
22-Sep 250 \$ 20.00 \$ - 200 \$ 15.00 \$ - 300 \$ 16.00 \$ - 250 \$ 20.00 1-Nov 250 \$ 20.00 \$ 5,000 200 \$ 16.00 50 \$ 16.00 \$ 800 250 \$ 20.00 28-Nov 100 \$ 21.00 200 \$ 16.00 250 \$ 20.00 100 \$ 21.00 Total \$ 11,600 Ending Inventory Cost is \$10,300 and cost of goods sold is \$10,200 under FIFO Method
414 \$ 5,600 \$ 2,800 \$ 2,800 \$ 3,000 \$ 3,000 \$ 3,000 \$ 4,800 Inventory Balance Inventory Balance
\$ 3,000 \$ 4,800 \$ 5,000 \$ 3,200 \$ 5,000 \$ 3,200 \$ 5,000 \$ 2,100 \$ 8,900