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Chapter 5 Handout
Assume the following data with respect to inventory for the Cooper Company:
August 1 - Beg Inv
40 units @ $10 per unit
400
August 8 - Purchase
August 22 -Purchase
50 units @ $11 per unit
550
35 units @ $12 per unit
420
Goods Available for Sale
125 units
1370
August 15 - Sale
45 units
August 26 - Sale
25 units
Total Sales, in units
70 units
August 31 End Inv, in units
55 units
Assuming that the actual inventory consists of 30 units from the August 8 purchase and 25 units
from the purchase of August 22, calculate the cost of Ending Inventory and Cost of Goods
Sold for each of the following methods; Label your work carefully!
1. Specific Identification
2. Periodic: FIFO
3. Periodic: LIFO
4.
Periodic: Weighted Average
5. Perpetual: FIFO
6. 'Perpetual: LIFO
7. Perpetual: Weighted Average

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1. Specific Identical
Beginning inventory
40
10
400
Ending inventory
Aug
30
11
330
Unit
Rate
Amount
Total
70
730
3. Periodic LIFO
Aug 8
30
1...

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