accounting

posted by .

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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting help

    Please help Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases. December 7 10 units @ $6 cost December 14 20 units @ $12 cost December 21 15 units @ $14 cost Trader sells 15 units for …
  2. accounting

    You are provided with the following information for Pavey Inc. for the month ended October 31, 2008. Pavey uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price October 1 Beginning inventory 60 $25 …
  3. business accounting

    Lakie uses a perpetual inventory system. Ending inventory consists of 500 units, 400 from the July 28 purchase and 100 from the Dec19 purchase. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific …
  4. accounting

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  5. math

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 May 5 500 units at $10 Aug. 12 300 units at $11 Dec. 8 200 units at $12 Eddings …
  6. cuyamaca

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  7. Finance accounting

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  8. business

    At the end of January, Mineral Labs had inventory of 725 units, which cost $10 per unit to produce. During February the company produced 650 units at a cost of $14 per unit. If the firm sold 1,000 units in February, what was the cost …
  9. accounting

    Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 170 units @ $52.40/unit …
  10. Accounting

    Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 50 units @ $50/unit Mar. 5 Purchase 200 units @ $55/unit Mar. 9 Sales 210 units @ $85/unit Mar. 18 Purchase 60 units @ $60/unit Mar. 25 Purchase …

More Similar Questions