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October 23, 2014

Homework Help: accounting

Posted by Debbie on Tuesday, August 17, 2010 at 9:53am.

I am calculating inventory methods and wanted to see if anyone could double check my figures? See below

weighted Average

Date Transaction Units
1-Apr Purchase 250 Unit Cost Ext Cost
5-Apr Sold 10 $10.00 2500
10-Apr Sold 10
15-Apr Purchase 200 $15.00 3000
20-Apr Sold 250
25-Apr Sold 50
30-Apr return 10



5500 450
Unit Value $12.22
Ending Inventory value $1,711.11

COGS beginning balance $5,500.00
Less Ending inventory $1,711.11
Total COGS $3,788.89

FIFO
Transaction Units on hand Units Sold/return Inventory Value after Sales
1-Apr Purchase 250 0 $2,500.00
5-Apr Sold 250 10 $2,400.00
10-Apr Sold 240 10 $2,300.00
15-Apr Purchase 430 0 $5,300.00
20-Apr Sold 430 250 $2,700.00
25-Apr Sold 180 50 $1,950.00
30-Apr return 140 10 $2,050.00
Balance 140 $2,150.00

COGS beginning balance $5,500.00
Less Ending inventory $2,150.00
Total COGS $3,350.00


LIFO
Transaction Units on hand Units Sold/return Inventory Value after Sales
1-Apr Purchase 250 0 $3,750.00
5-Apr Sold 250 10 $3,600.00
10-Apr Sold 240 10 $3,450.00
15-Apr Purchase 430 0 $5,450.00
20-Apr Sold 430 250 $1,800.00
25-Apr Sold 180 50 $1,400.00
30-Apr return 140 10 $1,550.00
Balance 140 $1,550.00

COGS beginning balance $5,500.00
Less Ending inventory $1,550.00
Total COGS $3,950.00

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