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

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