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galben [10]
3 years ago
6

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 215 units, where 190 are

from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
Business
1 answer:
Charra [1.4K]3 years ago
7 0

Answer:

Ending inventory:

  • (a) specific identification = $2,720
  • (b) weighted average = $2,810.05
  • (c) FIFO = $2,687.50
  • (d) LIFO = $3,010

Cost of goods sold:

  • (a) specific identification = $6,495
  • (b) weighted average = $6,404.95
  • (c) FIFO = $6,527.50
  • (d) LIFO = $6,205

Explanation:

Date        Activity                 Units       Cost        Total

Jan. 1       Beg. inventory     215          $14          $3,010

Jan. 10     Sales                    165

Jan. 20    Purchase              160         $13          $2,080

Jan. 25    Sales                     190

<u>Jan. 30    Purchase              330        $12.50     $4,125</u>

total         Purchases            705        $13.07      $9,215                              

Ending inventory:

(a) specific identification = (190 x $12.50) + (5 x $13) + (20 x $14) = $2,720

(b) weighted average = 215 x $13.07 = $2,810.05

(c) FIFO = 215 x $12.50 = $2,687.50

(d) LIFO = 215 x $14 = $3,010

Cost of goods sold:

(a) specific identification = $9,215 - $2,720 = $6,495

(b) weighted average = $9,215 - $2,810.05 = $6,404.95

(c) FIFO = $9,215 - $2,687.50 = $6,527.50

(d) LIFO = $9,215 - $3,010 = $6,205

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