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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?

#### Solution Summary

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

\$2.19

## Calculate Cost of Goods Sold (COGS) and Ending Inventory (EI) under FIFO, LIFO, and W/A (Periodic Inventory).

1. Calculate Cost of Goods Sold (COGS) and Ending Inventory (EI) under FIFO, LIFO, and W/A (Periodic Inventory).

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 6 units at \$28
Feb. 4 Purchase 12 units at \$30
July 20 Purchase 14 units at 32
Dec. 30 Purchase 8 units at \$33

There are 11 units of the item in the physical inventory at December 31.

2. If the sale price per item is \$50 each, how much is the gross margin under each method?

I have the first portion done (Question 1) on the attachment. Question 2 I'm confused.

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