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Inventory Costing: FIFO, LIFO, and Weighted Average Methods, Exams of Management Accounting

Danville Area Community College (DACC)Management Accounting

An inventory costing example using the first-in, first-out (fifo), last-in, first-out (lifo), and weighted average methods. The table shows the units acquired, unit cost, total cost, and sales for each transaction, as well as the totals for each method.

Typology: Exams

2009/2010

Uploaded on 04/04/2010

aweymuth
aweymuth 🇺🇸

9 documents

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Date Activities Units Acquired at Cost Units Sold at Retail Unit Inventory
Jan.1 Beginning Inventory 600 units @ $44 = $26,400 600
Feb. 10 Purchase 200 units @ $40 = $8,000 800
Mar. 13 Purchase 100 units @ $20 = $2,000 900
Mar. 15 Sales 400 units @ $75 500
Aug. 21 Purchase 160 units @ $60 = $9,600 660
Sept. 5 Purchase 280 units @ $48 = $13,440 940
Sept. 10 Sales 200 units @ $75 740
Totals 1340 units $59,440 600 units
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Date Activities Units Acquired at Cost Units Sold at Retail Unit Inventory

Kept

  • Jan.1 Beginning Inventory 600 units @ $44 = $26,400
  • Feb. 10 Purchase 200 units @ $40 = $8,000
  • Mar. 13 Purchase 100 units @ $20 = $2,000
  • Mar. 15 Sales 400 units @ $75
  • Aug. 21 Purchase 160 units @ $60 = $9,600
  • Sept. 5 Purchase 280 units @ $48 = $13,440
  • Sept. 10 Sales 200 units @ $75
  • Jan.1 Beg. Inventory 600 $44.00 $26,400. Date Units Unit cost Total Cost
  • Feb. 10 Purchase 200 $40.00 $8,000.
  • Mar. 13 Purchase 100 $20.00 $2,000.
  • Aug. 21 Purchase 160 $60.00 $9,600.
  • Sept. 5 Purchase 280 $48.00 $13,440.
  • Total cost of goods available for sale $59,440.
  • Jan.1 Beg. Inventory Date Units
  • Feb. 10 Purchase
  • Mar. 13 Purchase
  • Mar. 15 Sales -
  • Aug. 21 Purchase
  • Sept. 5 Purchase
  • Sept. 10 Sales -
  • Total units in ending inventory
  • Jan.1 Beginning Inventory 600 units @ $44 = $26,400 600 @ $ Date Activities Units Acquired at Cost Units Sold at Retail
  • Feb. 10 Purchase 200 units @ $40 = $8,
  • Mar. 13 Purchase 100 units @ $20 = $2,
  • Mar. 15 Sales 400 units @ $
  • Aug. 21 Purchase 160 units @ $60 = $9,
  • Sept. 5 Purchase 280 units @ $48 = $13,
  • Sept. 10 Sales 200 units @ $
  • 600 @ $ Totals 1340 units $59,440 600 units
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  • 600 @ $
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  • 100 @ $
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  • 200 @ $
  • 100 @ $
  • 200 @ $
  • 200 @ $
  • 100 @ $
  • 160 @ $
  • 200 @ $
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  • 160 @ $
  • 280 @ $
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a) b) c) d) Sold FIFO LIFO Cost of ending inventory $26,400.00 $26,400.00 $26,400.00 $26,400. $34,400.00 $34,400.00 $34,400.00 $34,400. $36,400.00 $36,400.00 $36,400.00 $36,400. 400 @ $44 $18,800.00 $22,000.00 $18,800.00 $20,224. $28,400.00 $31,600.00 $28,400.00 $29,824. $41,840.00 $45,040.00 $41,840.00 $43,264. 200 @ $44 $33,040.00 $35,440.00 $35,440.00 $34,058. $33,040.00 $35,440.00 $35,440.00 $34,058. Specific Identification Weighted Average