Question: Fill in the missing amounts for items (a) through (k) in the following perpetual inventory records: Calculate the cost of goods sold and ending inventory
Fill in the missing amounts for items (a) through (k) in the following perpetual inventory records:
Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.251 and final answers to 0 decimal places, e.g. 5,251.)
Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Total Units Total Cost WA Cost Per unit Apr-01 Beginning Inventory 26 $10 $260 26 $10 $260 Apr-15 51 $12 $612 $ $ 26 $260 51 $612 $ $ Apr-20 31 $ $ $ $ 77 $872 -31 $351 $ $ Apr-23 43 $13 $559 89 $ $ 46 $521 43 $559 $ $ Apr-28 54 $ $ 35 $ $ 89 $1,080 -54 $655 35 $ $ 120 $1,431 85 $ 35 $425
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Calculate the cost of goods sold and ending inventory using FIFO.
Purchases Cost of Goods Sold Inventory Balance Date Units Cost Total Units Cost Total Units Cost Total Apr-01 Beginning Inventory 26 $10 $260 26 $10 $260 Apr-15 51 $12 $612 26 $10 260 $ $ Apr-20 31 = 26 $ $ 5 $ $ $ $ Apr-23 43 $13 $559 $ $ $ $ Apr-28 54 = 46 $ $ 8 $ $ 35 $ $ 120 $1,431 85 $ 35 $455
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Which method gives the highest COGS? Weighted average FIFO Why? Newest costs included under FIFO Oldest costs included under FIFO Oldest costs included under Weighted Average
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