Explore BrainMass

Explore BrainMass

    Vita-Rite Vitamin Co. LIFO FIFO Weighted Average Cost method for costing inventory

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Excel spreadsheet including calculations.

    Details: Vita-Rite Vitamin Company had a series of inventory transactions that need to be reported. Calculate the cost of ending inventory using the LIFO, FIFO, and average cost methods.

    Use the Periodic method for all 3 calculations.
    show the answer for each method

    I have attached the Excel file. But if it doesn't open here is the info.

    Vita-Rite Vitamin Co.
    Inventory History

    Date Units Purchased Price Purchased Units Sold Unit Balance

    12/27/2004 2000 $14.50 5700
    12/26/2004 2100 3700
    12/24/2004 2500 $14.25 5800
    12/18/2004 1500 $14.10 3300
    12/16/2004 1800 $14.05 1800

    They start adding from the oldest dates on up. First purchase is 1800 then 2nd is 1500 = 3300 and so on.

    © BrainMass Inc. brainmass.com June 3, 2020, 7:21 pm ad1c9bdddf


    Solution Summary

    Computations shown for the WACC method for costing inventory.