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Determine Ending Inventory

Smith Company had a beginning inventory of 200 units at a cost of $12 per unit on August 1. During the month, the following purchases and sales were made.

Purchases Sales
August 4 250 units at $13 August 7 150 units
August 15 350 units at $15 August 11 100 units
August 28 200 units at $14 August 17 250 units
August 24 200 units

Smith uses a periodic inventory system.

Instructions: Determine ending inventory and cost of goods sold under (a) average cost, and (b) FIFO.

(a) Average cost:
Ending inventory = $____________; cost of goods sold = $_____________.

(b) FIFO:
Ending inventory = $_____________; cost of goods sold = $____________.

Solution Summary

Solution to your posting is provided in two different sheets in excel format with necessary computation and notes.

$2.19