B$.$ Determine the ending inventory and the COGS under three methods:

$(1)$ FIFO $($below$),(2)$ LIFO $($see pg$.10),$ and $(3)$ average$-$cost $($see pg$.11).$

Prove the calculation of COGS.

a$)$ Ending Inventory Calculations: End Inv $=$ Beg Inv $+$ Purchases $$ Sales

Identify WHICH Units in Ending Inventory based on FIFO

# Units in

Ending Inventory Cost Per Unit From Which Layer Total Cost of End Inv

$\_\_\_\_\_\_\_$ # Units $$\_\_\_\_\_\_\_\_\_$ per unit $$\_\_\_\_\_\_\_\_\_\_\_\_\_$

$\_\_\_\_\_\_\_$ # Units $$\_\_\_\_\_\_\_\_\_$ per unit $$\_\_\_\_\_\_\_\_\_\_\_\_\_$

b$)$ Ending Inventory & COGS Calculations under FIFO

FIFO Calculations UNITS $($Quantity$)$ UNIT COST TOTAL COST

$=$ AVAILABLE For Sale

$($Quantity & Total Cost$)$

$\_\_\_\_\_\_\_$Total Qty

Units Available

$$\_\_\_\_\_\_\_\_$ Total $

Cost Goods Avail

LESS ENDING INVENTORY

Identify WHICH Units in

Ending Inv based on FIFO

$\_\_\_\_\_\_$Units End Inv Cost per Unit From Which Layer

$($Date$)?$ Cost End Inv

# Units: $\_\_\_\_\_\_\_$ # Units $$\_\_\_\_\_$ per unit

# Units: $\_\_\_\_\_\_\_$ # Units $$\_\_\_\_\_$ per unit

TOTAL Ending Inventory $\_\_\_\_\_\_\_\_$ Total Qty

Units in End Inv

$$\_\_\_\_\_\_\_\_$Total $

Cost of End Inv

COGS Calculations:

$($Goods Avail $$ End Inv$)$

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$($Total Qty Avail Less

Total Qty End Inv$)$

$$\_\_\_\_\_\_\_$ COGS

$($Total Cost Avail

Less Cost End Inv$)$

c$)$ Proof of COGS calculation $($FIFO$)$:

Units Sold $($Quantity$)$ Cost per unit From which layer $($Date$)?$ Total COGS

Qty $=\_\_\_\_\_$ $ $

Qty $=\_\_\_\_\_$ $ $

Qty $=\_\_\_\_\_$ $ $

Qty $=\_\_\_\_\_$ $ $

$1,500$ Total Units Sold

$($Qty$)$

$

B$\mathrm{.}1.$ FIFO:

COGS is old costs $($First In$,$ First OUT$)$

Ending Inventory is new costs $($Last In$,$ Still HERE, Unsold$)$