Answer:
FIFO COST OF GOODS SOLD$ 239,200
b) Weighted Average Inventory $ 6120
c) LIFO Ending Inventory = $ 5000
Explanation:
Wooderson Company
Periodic inventory system
Units Unit Cost Total Cost
3/1 Beginning inventory 100 $40 $ 4000
3/3 Purchase 60 $50 $ 3000
3/4 Sales 60 $80 $ 4800
3/10 Purchase 200 $55 $ 11000
3/16 Sales 70 $90 $ 6300
3/19 Sales 90 $90 $ 8100
3/25 Sales 60 $90 $ 5400
3/30 Purchase 40 $60 $ 2400
Sales = $ 4800 + $ 6300 + $ 8100 + $ 5400= $ 246,000
Ending Inventory= 120 units
FIFO Ending Inventory= $ 6800
40 units at $60 = $ 2400
80 units at $55 = $ 4400
FIFO COST OF GOODS SOLD= SALES Less FIFO Ending Inventory
= $ 246,000- $ 6800= $ 239,200
b) Weighted Average Inventory= (Total Cost / Total Units) Ending Units= (20,400/ 400) * 120 = $ 6120
c) LIFO Ending Inventory = $ 5000
100 units at $40 = $ 4000
20 units at $ 50= $ 1000
