| Date | Description | Units | Unit Cost | Total Cost | |||||
| June | 1 | Beginning | 12 | $ | 8 | $ | 96 | ||
| 11 | Purchase | 38 | 9 | 342 | |||||
| 24 | Purchase | 20 | 11 | 220 | |||||
| 30 | Ending | 24 | |||||||
[SOLVED] Question & Answer: Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO
Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost
| Spotter Corporation reported the following for June in its periodic inventory records. |
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[SOLVED] Question & Answer: Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO
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Units in Beginning Inventory = 12
Number of units purchased = 38 + 20
Number of units purchased = 58
Units in Ending Inventory = 24
Number of units Available for Sale = Units in Beginning Inventory + Number of units purchased
Number of units Available for Sale = 12 + 58
Number of units Available for Sale = 70
Number of units sold = Number of units Available for Sale – Units in Ending Inventory
Number of units sold = 70 – 24
Number of units sold = 46
Cost of Goods Available for Sale = Cost of Beginning Inventory + Cost of Goods Purchased
Cost of Goods Available for Sale = $96 + $342 + $220
Cost of Goods Available for Sale = $658
LIFO:
Cost of Goods Sold = 20 * $11 + 26 * $9
Cost of Goods Sold = $454
Ending Inventory = 12 * $8 + 12 * $9
Ending Inventory = $204
FIFO:
Cost of Goods Sold = 12 * $8 + 34 * $9
Cost of Goods Sold = $402
Ending Inventory = 4 * $9 + 20 * $11
Ending Inventory = $256
Weighted-average Cost:
Cost of Goods Available for Sale = $658
Number of units Available for Sale = 70
Weighted Average Cost per unit = $658 / 70
Weighted Average Cost per unit = $9.40
Cost of Goods Sold = 46 * $9.40
Cost of Goods Sold = $432.40
Ending Inventory = 24 * $9.40
Ending Inventory = $225.60
spotter corporation reported the following for june in its periodic inventory records.
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