Question: Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual

inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual

LIFO Cost of Goods Sold Date # of units Cost per #

of units unit sold Cost per Cost of Goods unit Sold #

of units Inventory Balance Cost per Inventory Balance unit January 1 170

at $9.50= $ 1,615.00 January 10 130 at $ 9.50 = $1,235.00

40 at $ 9.50 = 120 at $8.50 40 at $ 9.50=

January 20 120 at $ 8.50= Total January 20 S S S

Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO Cost of Goods Sold Date # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory Balance unit January 1 170 at $9.50= $ 1,615.00 January 10 130 at $ 9.50 = $1,235.00 40 at $ 9.50 = 120 at $8.50 40 at $ 9.50= January 20 120 at $ 8.50= Total January 20 S S S 380.00 380.00 1,020.00 January 25 Total January 25 260 at $ 8.00 January 30 Totals 1,400.00 130 at 90 at $ 8.50 # $1,105.00 30 at $9.50= $ 285.00 $9.50 M 855.00 $1,960.00 0 at $8.50 $ 285.00 30 at $9.50 = $ 285.00 0 at 260 at $ 8.50 $ 8.00 = 2,080.00 $3,195.00 $ 2,365.00

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