Answered Essay: Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-

Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 240 units.
Date Units Unit Cost Total Cost
  Beginning Inventory     January 1 120 $ 80 $ 9,600
  Purchase     January 15 380 90 34,200
  Purchase     January 24 200 110 22,000

Expert Answer

 

Date Units Units cost Total
  Beginning Inventory     January 1 120 80 9,600
  Purchase     January 15 380 90 34,200
  Purchase     January 24 200 110 22,000
Total 700 65800
Average cost = 65800/700= 94
FIFO:
Ending inventory = (260*90)+(200*110)= 45400
Cost of goods sold = 65800-45400= 20400
LIFO:
Ending inventory = (120*80)+(340*90)= 40200
Cost of goods sold = 65800-40200= 25600
Weighted average:
Ending inventory = 460*94= 43240
Cost of goods sold = 65800-42340= 23460
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