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    Calculate cost of goods sold, ending inventory under FIFO, LIFO

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    The following information regarding inventory transactions is available for the month of July.

    Date Type of Event #Units Unit Cost Total Cost

    July 1 Beginning Inventory 180 $8 $1,440

    July 5 Purchase 75 $9 $ 675

    July 9 Sale 80

    July 12 Sale 45

    July 17 Purchase 140 $10 $1400

    July 26 Sale 75

    July 26 Purchase 40 $11 $440

    What is the cost of goods sold under FIFO? Show computations
    What is the ending inventory under FIFO? Show computations
    What is the cost of goods sold under LIFO? Show computations
    What is the ending inventory under LIFO? Show computations
    What is the cost of goods sold under the weighted average method? Show computations
    What is the ending inventory under the weighted average method? Show computations?

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    Solution Summary

    The expert calculates the cost of goods sold, and the ending inventory under FIFO and LIFO.

    $2.19