Vita-Rite Vitamin Co. LIFO FIFO Weighted Average Cost method for costing inventory
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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.
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Solution Summary
Computations shown for the WACC method for costing inventory.
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