Business, 26.02.2020 16:29 strawberrymrmr756

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

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Answer from: dnee8321

See explanation section

Explanation:

Requirement A - Specific Identification

Ending inventory are the inventory that are not sold during the period.

Beginning Inventory remain unsold = 15 Units × $6.00 = $90.00

January 20 inventory remain unsold = 5 units × $5.00 = $25.00

January 30 inventory remain unsold = 180 units × $4.50 = $810

Total Ending Inventory = 200 units = $925.00

Cost of goods sold are the cost of the product sales during the period.

Beginning Inventory sold = 125 units × $6.00 = $750.00

January 20 inventory sold = 55 units × $5.00 = $275.00

Cost of goods sold = 180 units = $1,025.00

Requirement B - Weighted Average

Ending inventory

See the below image:

Cost of goods sold

Beginning Inventory sold = 100 units × $6.00 = $600.00

January 20 inventory sold = 80 units × $5.40* = $432.00

Cost of goods sold = 180 units = $1,032.00

* - See the image below to get the appropriate answer

Requirement C - FIFO

Ending inventory

Beginning Inventory remain unsold = 0 Units × $6.00 = $0.00

January 20 inventory remain unsold = 20 units × $5.00 = $100.00

January 30 inventory remain unsold = 180 units × $4.50 = $810.00

Total Ending Inventory = 200 units = $910.00

Cost of goods sold

Beginning Inventory sold = 140 units × $6.00 = $840.00

January 20 inventory sold = 40 units × $5.00 = $200.00

Cost of goods sold = 180 units = $1,040.00

Requirement D - LIFO

Ending inventory

Beginning Inventory remain unsold = 140 Units × $6.00 = $840.00

January 20 inventory remain unsold = 60 units × $5.00 = $300.00

Total Ending Inventory = 200 units = $1,140.00

Cost of goods sold

January 30 inventory sold = 180 units × $4.50 = $810.00

Cost of goods sold = 180 units = $810.00

The Company uses a periodic inventory system. For specific identification, ending inventory consists

Answer from: Quest

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Answer from: Quest

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