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Inventory flows for Toy Elmo Company for the month of January

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Inventory flows for Toy Elmo Company for the month of January are as follows:

# of Units Unit Cost
Beginning inventory* 250 $1.00
Purchases:
January 3 100 $1.10
January 15 150 $1.15
January 17 300 $1.05

Sales:
January 5 200
January 18 100
January 24 150

Assume the same for FIFO, LIFO, and weighted average cost flow assumptions.

Required:

Compute the cost of goods sold and ending inventory for the Toy Elmo Company using the following assumptions:

a. FIFO cost flow assumption and a periodic inventory system
b. LIFO cost flow assumption and a periodic inventory system
c. Weighted average cost flow assumption and a periodic inventory system

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Solution Summary

Provides steps necessary to compute the cost of goods sold and ending inventory.

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