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August 3, 2015

Homework Help: accounting

Posted by working hard on Thursday, August 23, 2012 at 5:20pm.

Kudos Leather Goods purchased the following items during the month of April:
1. April 12, 34 wallets @ $12.95 each
2. April 08, 24 wallets @ $13.10 each
3. April 18, 15 wallets @ $13.25 each
4. April 26, 20 wallets @ $13.27 each
On April 1, the business had an inventory of 19 wallets valued at $12.90 each. On April 30, the business had 36 wallets in inventory. Of those wallets, 8 were purchased on April 2, 15 were purchased on April 8, 3 were purchased on April 18, and 10 were purchased on April 26.
Calculate the cost of the ending inventory using the following methods:
a. Specific identification method
b. FIFO method
c. LIFO method
d. Weighted average cost method
Also, find the cost of merchandise sold under each method.

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