Santiago 1
Shianne Santiago
Keystone Accounting Teachers
Accounting
June 1, 2020
Inventories
Part 1:
The following table uses the four inventory costing method and displays the cost of ending
inventory for Click Cameras:
Specific Identification
FIFO
LIFO
Weighted Average Cost
$21,476.00
$21,581.40
$21,410.93
$21,447.36
Click Cameras also reported the following amounts:
Net sales
$53,874.92
Purchases available for sale
$57,621.31
Instruction:
Use the information given above and determine the cost of merchandise sold and the gross profit
on sales for each of the inventory costing methods.
…
Specific
Identification
FIFO
LIFO
Weighted Average
Cost
Cost of Purchases Available for Sale
$57,621.31
$57,621.31
$57,621.31
$57,621.31
Less:
Ending Inventory
$21,476
$21,581.40
$21,410.93
$21,447.36
Cost of Merchandise Sold
$36,145.31
$36,039.91
$36,210.38
$36,173.95
57,621.31 – 21,476 = 36,145.31
57,621.31 – 21,581.40 = 36,039.91
57,621.31 – 21,410.93 = 36,210.38
57,621.31 – 21,447.36 = 36,173.95