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    Problem 5.1

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    Mary
    This document calculates the cost of ending inventory and cost of goods sold using four different costing methods - specific identification, FIFO, LIFO, and weighted average - for a company that had 1000 units available for sale at a total cost of $16,650. It provides the calculations for cost of ending inventory and cost of goods sold for each method.

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    Problem 5.1

    Uploaded by

    Mary
    21 views3 pages
    This document calculates the cost of ending inventory and cost of goods sold using four different costing methods - specific identification, FIFO, LIFO, and weighted average - for a company that had 1000 units available for sale at a total cost of $16,650. It provides the calculations for cost of ending inventory and cost of goods sold for each method.

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    5.1

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    This document calculates the cost of ending inventory and cost of goods sold using four different costing methods - specific identification, FIFO, LIFO, and weighted average - for a company that had 1000 units available for sale at a total cost of $16,650. It provides the calculations for cost of ending inventory and cost of goods sold for each method.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    21 views3 pages

    Problem 5.1

    Uploaded by

    Mary
    This document calculates the cost of ending inventory and cost of goods sold using four different costing methods - specific identification, FIFO, LIFO, and weighted average - for a company that had 1000 units available for sale at a total cost of $16,650. It provides the calculations for cost of ending inventory and cost of goods sold for each method.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    Problem 5.

    Determine Cost of ending inventory and cost of goods sold

    a) Specific identification method

    Cost of ending inventory 50*14 700


    60*17 1020
    90*18 1620
    3340

    COGS= COG Available for sale - Cost of ending inventory


    COGS=16650 - 3340= 13310

    b) FIFO

    Cost of ending inventory 100*18 1800


    100*20 2000
    3800

    COGS= 16650-3800=12850

    c)LIFO

    Cost of ending inventory 50*15 750


    150*14 2100
    2850
    COGS=16650-2850=13800

    d) Weighted Average method

    Weighted avg cost = COG Available for sale/No.of goods available for sale

    WAC= 16650/1000=16.65

    Cost of ending inventory= 200*16.65=3330

    COGS= 16650-3330=13320

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