Computing LIFO and journalizing inventory transactions

Energizer Equipment sells hand-held engine analyzers to automotive service shops. Energizer Equipment started April with an inventory of 125 units that cost a total of $19,250. During the month, Energizer Equipment purchased and sold merchandise on account as follows:

Apr	6		Purchased 65 units @ $160
Apr	13		Sold 50 units @ $300
Apr	19		Purchased 90 units @ $164
Apr	25		Sold 50 units $300
Apr	29		Sold 105 units @ 300

Energizer Equipment used the LIFO method. Cash payments on account totaled $17,500. Operating expenses for the month were $13,500, with two-thirds paid in cash and the rest accrued as Accounts Payable.

Requirements:

Determine cost of goods sold and ending inventory for April assuming a periodic inventory system under (a) LIFO, (b) FIFO, and (c) weighted average inventory costing methods.

Units available for sale

	Number of units	Price per unit	Total cost
Beginning Inventory	125	$154	$19,250
April 6 purchase	65	$160	$10,400
April 19 purchase	90	$164	$14,760
Total	280		$44,410
Average cost per unit	280	(?????)

Units sold =50 + 50 + 105 = 205 units

Units in ending inventory = 280 205 = 75

Inventory method	Number of units	Cost(s) per unit	Total cost applied
LIFO
Ending inventory
Cost of goods sold
Total cost of goods sold

Inventory method	Number of units	Cost(s) per units	Total cost applied
FIFO
Ending inventory
Cost of goods sold
Total cost of goods sold

Inventory method	Number of units	Cost(s) per unit	Total cost applied
Weighted average
Ending inventory
Cost of goods sold