Shown below is activity for one of the products of Weasel: January 1 balance, 220 units...

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Accounting

Shown below is activity for one of the products of Weasel:
January 1 balance, 220 units at $50 for a total of $11,000
Purchases: January 10-200 units at $42
January20-500 units at $55
Sales: January 12-350 units
January 28-425 units
a. Compute the ending inventory and cost of goods sold assumingWeasel uses FIFO.
b. Compute the ending inventory and cost of goods sold assumingWeasel uses LIFO and perpetual inventory system.
c. Compute the ending inventory and cost of goods sold assumingWeasel uses average cost and a perpetual inventory system.
d. Compute the ending inventory and cost of goods sold assumingWeasel uses LIFO and a periodic inventory system.
e. Compute the ending inventory and costs of goods sold assumingWeasel uses average cost and periodic inventory system.
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Solution a Computation of ending inventory COGS under FIFO Date Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Qty Rate Amount Qty Rate Amount Qty Rate Amount Qty Rate Amount 1Jan 220 5000 1100000 0 000 000 0 000 000 220 5000 1100000 10Jan 220 5000 1100000 200 4200 840000 0 000 000 220 5000 1100000 200 4200 840000 12Jan 220 5000 1100000 0 000 000 220 5000 1100000 70 4200 294000 200 4200 840000 130 4200 546000 20Jan 70 4200 294000 500 5500 2750000 0 000 000 70 4200 294000 500 5500 2750000 28Jan 70 4200 294000 0 000 000 70 4200 294000 See Answer

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