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Computing Cost of Sales and Ending Inventory

Computing Cost of Sales and Ending Inventory
Stocken Company has the following financial records for the current period.

Units Unit Cost
Beginning Inventory 100 $ 46
Purchases: #1 650 42
#2 550 38
#3 200 36

Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, last out.
(a) First-in, first-out
Ending inventory $

Cost of goods sold $

(b) Average cost
Ending inventory $
Cost of goods sold $

(c) Last-in, first-out
Ending inventory $
Cost of goods sold $

Solution Summary

This solution shows how to calculate cost of goods sold and ending inventory using the first-in first-out method, the average cost and the last-in first-out method.

$2.19