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

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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

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