Nov. 1 Beginning inventory 14 units at...
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Accounting
| Nov. | 1 | Beginning inventory | 14 | units at | $160 |
| 8 | Purchase | 4 | units at | $170 | |
| 15 | Purchase | 11 | units at | $180 | |
| 26 | Purchase | 5 | units at |
The physical count of inventory at
November
30,
2020,
indicates that six units remain in ending inventory, and the company owns them.
Required
Compute ending inventory and cost of goods sold using each of the following methods, assuming a periodic inventory system is used:
1. Specific-unit-cost, assuming three
$170
units and three
$180
units are on hand on
November
30,
2020
2. Weighted-average cost
3. First-in, first-out (FIFO)
First calculate the cost of goods available for sale.
|
| Nov. | 1 | Beginning inventory | 14 | at | $160 | = |
|
|
|
| 8 | Purchase | 4 | at | $170 | = |
|
| |
|
| 15 | Purchase | 11 | at | $180 | = |
|
| |
|
| 26 | Purchase | 5 | at | $200 | = |
|
| |
|
|
| 30 | Goods available for sale |
|
|
|
|
|
|
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