Laird Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $45.00 per unit. During the year, Laird made two batch purchases of coffee makers. The first was a 300-unit purchase at $50 per unit; the second was a 350-unit purchase at $52 per unit. During the period, Laird sold 800 coffee makers.

Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Laird uses
a. FIFO.
b. LIFO
c. Weighted average.

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what are the

FIFO
LIFO
weighted average

i need help

To determine the amount of product costs that would be allocated to cost of goods sold and ending inventory using different methods, we need to calculate the cost per unit for each method.

a. FIFO (First-In, First-Out):

- To calculate the cost per unit for FIFO, we start by considering the oldest inventory first.
- First, we sell the beginning inventory (200 units at $45.00 per unit), then the 300-unit purchase at $50 per unit, and finally the 300 units from the second purchase at $52 per unit.
- Total units sold: 200 + 300 + 300 = 800 units
- Cost of goods sold = (200 x $45.00) + (300 x $50.00) + (300 x $52.00)
= $9,000 + $15,000 + $15,600
= $39,600
- Ending inventory = Remaining units from the second purchase (350 units) x cost per unit of the last purchase ($52.00) + Remaining units from the first purchase (0 units) x cost per unit of the first purchase ($45.00)
= (350 x $52.00) + (0 x $45.00)
= $18,200

b. LIFO (Last-In, First-Out):

- To calculate the cost per unit for LIFO, we start by considering the most recent inventory first.
- First, we sell the 350-unit purchase at $52 per unit, then the 300-unit purchase at $50 per unit, and finally the beginning inventory (200 units at $45.00 per unit).
- Total units sold: 350 + 300 + 150 = 800 units
- Cost of goods sold = (350 x $52.00) + (300 x $50.00) + (150 x $45.00)
= $18,200 + $15,000 + $6,750
= $39,950
- Ending inventory = Remaining units from the first purchase (0 units) x cost per unit of the first purchase ($45.00) + Remaining units from the second purchase (50 units) x cost per unit of the second purchase ($50.00)
= (0 x $45.00) + (50 x $50.00)
= $2,500

c. Weighted Average:

- To calculate the weighted average cost per unit, we take the total cost of all units available for sale divided by the total number of units.
- Total cost of all units available for sale = (200 x $45.00) + (300 x $50.00) + (350 x $52.00)
= $9,000 + $15,000 + $18,200
= $42,200
- Total units available for sale = 200 + 300 + 350 = 850 units
- Cost per unit = Total cost of all units available for sale / Total units available for sale
= $42,200 / 850
= $49.65 (rounded to two decimal places)
- Cost of goods sold = Cost per unit x units sold
= $49.65 x 800 units
= $39,720
- Ending inventory = Remaining units x cost per unit
= (50 units) x ($49.65 per unit)
= $2,482.50

Therefore, the amount of product costs allocated to cost of goods sold and ending inventory using different methods is as follows:

a. FIFO:
- Cost of goods sold = $39,600
- Ending inventory = $18,200

b. LIFO:
- Cost of goods sold = $39,950
- Ending inventory = $2,500

c. Weighted Average:
- Cost of goods sold = $39,720
- Ending inventory = $2,482.50