Compute the cost of good sold and the ending inventory value, Cost Accounting

Beginning inventory on March 1 consisted of 2,000 units each costing $11.20.

During March, the following was purchased for inventory:

Date

Purchase

March 5

2,800 units at a cost of $12.20 each

March 10

4,900 units at a cost of $11.70 each

March 14

2,700 units at a cost of $11.85 each

March 22

2,400 units at a cost of $11.95 each

March 28

4,700 units at a cost of $12.05 each

During March, the following was sold from inventory:

Date

Sales

March 3

1,900 units at a price of $22.40 each

March 12

6,200 units at a price of $24.40 each

March 17

3,200 units at a price of $23.70 each

March 21

400 units at a price of $23.70 each

March 25

2,700 units at a price of $23.90 each

March 31

4,500 units at a price of $24.10 each

Instructions:

Compute the cost of goods sold and the ending inventory value as of March 31 under each of the following assumptions:

1.    Periodic Inventory Method

a)    FIFO

b)    LIFO

c)    Weighted Average

2.    Perpetual Inventory Method

a)    FIFO

b)    LIFO

c)    Weighted Average

Posted Date: 3/9/2013 2:05:57 AM | Location : United States







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