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FIFO and Weighed Average for Falcon's Television

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Falcon's Televisions produces television sets in three categories: portable, midsize, and flatscreen.
On 1/1/07 The company's January 1 inventory consists of:

January 1 Inventory
Category Quantity Cost per Unit Total Cost
Portable 6,000 100 600,000
Midsize 8,000 250 2,000,000
Flatscreen 3,000 400 1,200,000
17,000 3,800,000

During 2007, the company had the following purchases and sales.

Purchases and Sales
Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per Unit
Portable 15,000 120 14,000 150
Midsize 20,000 300 24,000 405
Flatscreen 10,000 460 6,000 600
45,000 44,000

(a) Compute ending inventory, cost of goods sold, and gross profit.
Using FIFO and weighed average

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Solution Summary

The solution computes ending inventory, cost of goods sold, and gross profit using FIFO and Weighed Average Method.

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Falcon's Televisions produces television sets in three categories: portable, midsize, and flatscreen.
On 1/1/07 The company's January 1 inventory consists of:

January 1 Inventory
Category Quantity Cost per Unit Total Cost
Portable 6,000 100 600,000
Midsize 8,000 250 2,000,000
Flatscreen 3,000 400 1,200,000
17,000 3,800,000

During 2007, the company had the following purchases and sales.

Purchases and Sales
Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per ...

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