Inventory Costing Methods—Perpetual Method The Luann Company uses the perpetual inventory system. The following July data...
Inventory Costing Methods—Perpetual Method
The Luann Company uses the perpetual inventory system. The following July data are for an item in Luann’s inventory:
| July | 1 | Beginning inventory | 30 | Units@ | $9 | per unit |
| 10 | Purchased | 50 | Units@ | $11 | per unit | |
| 15 | sold | 60 | Units | |||
| 26 | Purchased | 25 | Units@ | $13 | per unit |
Calculate the cost of goods sold for the July 15 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.
Round your final answers to the nearest dollar. For weighted-average cost, do not round the weighted-average unit cost.
| A. | First-in, First-out: | |
| cost of goods sold: | $ ? | |
| B. | Last-in, first-out: | |
| Cost of goods sold: | $ ? | |
| C. | weighted-Avarge cost: | |
| Cost of goods sold: | $ ? |
Homework Answers
a) First in first out
Cost of goods sold = (30*9+30*11) = 600
b) Last in first out
Cost of goods sold = (50*11+10*9) = 640
c) Weighted average cost
Cost of goods sold = 820/80*60 = 615
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Inventory Costing Methods—Perpetual Method
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