wt.avg. - 300 $20.00 $6,000 50 $20.20 $1,010 Total ending...

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FIFO vs LIFO vs Weighted Average # of Units Cost/Unit Total Cost Beg. Inv., March 1 300 $20.00 $6,000 Purchases: March 5 100 $20.20 $2,020 March 16 200 $20.70 $4,140 March 25 200 $21.00 $4,200 Total available 800 $16,360 March sales 450 ? End Inv., March 31 350 ? FIFO # of Units Cost/Unit Total Cost Ending Inventory: 200 $21.00 $4,200 150 $20.70 $3,105 Total ending inventory 350 $7,305 COGS: 300 $20.00 $6,000 100 $20.20 $2,020 50 $20.70 $1,035 Total COGS 450 $9,055 LIFO # of Units Cost/Unit Total Cost Ending Inventory:
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Unformatted text preview: 300 $20.00 $6,000 50 $20.20 $1,010 Total ending inventory 350 $7,010 COGS: 200 $21.00 $4,200 200 $20.70 $4,140 50 $20.20 $1,010 Total COGS 450 $9,350 Weighted Average # of Units Cost/Unit Total Cost Ending Inventory 350 $20.45 $7,157.50 COGS 450 $20.45 $9,202.50 Weighted average cost/unit = $16,360/800 units, or $20.45/unit Remember: Ending Inventory + COGS = COGAFS for all three inventory methods...
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This note was uploaded on 09/05/2011 for the course ACCT 285 taught by Professor Carver during the Spring '08 term at Iowa State.

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