Laplante Inc. uses the perpetual inventory system. The following transactions took place during January 2019 Unit...

 

 
 

 

Transcribed Image Text:

Laplante Inc. uses the perpetual inventory system. The following transactions took place during January 2019 Unit Date Units Cost $1 Jan. 1 Opening Inventory 7 Purchase #1 9 Sale #1 100 10 2 80 21 Purchase #2 20 3 24 Sale #2 40 Required: Using the table below, calculate cost of goods sold for the January 9 and 24 sales, and ending inventory under the following inventory cost flow assumptions: 1. FIFO 2. LIFO 2. Weighted average. Purchased Sold Balance in Inventory Date Unit Total Unit Total Unit Total Units Cost Units Cost Units Cost Jan. 1 100 $1 $100 7 21 24 СР 6-1 1. FIFO Purchased Sold Balance in Inventory Unit Total Unit Total Unit Total Date Units Cost Units Cost Units Cost 2. LIFO Purchased Sold Balance in Inventory Unit Total Unit Total Unit Total Date Units Cost Units Cost Units Cost %24 CP 6-1 continued 3. Weighted average Purchased Sold Balance in Inventory Unit Total Unit Total Unit Total Date Units Cost Units Cost Units Cost Weighted average calculations: Laplante Inc. uses the perpetual inventory system. The following transactions took place during January 2019 Unit Date Units Cost $1 Jan. 1 Opening Inventory 7 Purchase #1 9 Sale #1 100 10 2 80 21 Purchase #2 20 3 24 Sale #2 40 Required: Using the table below, calculate cost of goods sold for the January 9 and 24 sales, and ending inventory under the following inventory cost flow assumptions: 1. FIFO 2. LIFO 2. Weighted average. Purchased Sold Balance in Inventory Date Unit Total Unit Total Unit Total Units Cost Units Cost Units Cost Jan. 1 100 $1 $100 7 21 24 СР 6-1 1. FIFO Purchased Sold Balance in Inventory Unit Total Unit Total Unit Total Date Units Cost Units Cost Units Cost 2. LIFO Purchased Sold Balance in Inventory Unit Total Unit Total Unit Total Date Units Cost Units Cost Units Cost %24 CP 6-1 continued 3. Weighted average Purchased Sold Balance in Inventory Unit Total Unit Total Unit Total Date Units Cost Units Cost Units Cost Weighted average calculations: