Homework Answers
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 | |
| 1-Aug | 80 | $20.00 | $1,600 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 |
| 5-Aug | 80 | $20.00 | $1,600 | 100 | $21.16 | $2,116 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 |
| 100 | $21.16 | $2,116 | ||||||||||
| 8-Aug | 80 | $20.00 | $1,600 | 200 | $22.08 | $4,416 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 |
| 100 | $21.16 | $2,116 | 100 | $21.16 | $2,116 | |||||||
| 200 | $22.08 | $4,416 | ||||||||||
| 11-Aug | 80 | $20.00 | $1,600 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 | 10 | $21.16 | $212 |
| 100 | $21.16 | $2,116 | 90 | $21.16 | $1,904 | 200 | $22.08 | $4,416 | ||||
| 200 | $22.08 | $4,416 | ||||||||||
| Total | 170 | $3,504 | 210 | $4,628 | ||||||||
Solution B:
| Computation of ending inventory COGS under LIFO | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Aug | 80 | $20.00 | $1,600 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 |
| 5-Aug | 80 | $20.00 | $1,600 | 100 | $21.16 | $2,116 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 |
| 100 | $21.16 | $2,116 | ||||||||||
| 8-Aug | 80 | $20.00 | $1,600 | 200 | $22.08 | $4,416 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 |
| 100 | $21.16 | $2,116 | 100 | $21.16 | $2,116 | |||||||
| 200 | $22.08 | $4,416 | ||||||||||
| 11-Aug | 80 | $20.00 | $1,600 | 0 | $0.00 | $0 | 170 | $22.08 | $3,754 | 80 | $20.00 | $1,600 |
| 100 | $21.16 | $2,116 | 100 | $21.16 | $2,116 | |||||||
| 200 | $22.08 | $4,416 | 30 | $22.08 | $662 | |||||||
| Total | 170 | $3,754 | 210 | $4,378 | ||||||||
Solution C:
| Computation of ending inventory COGS under Weighted Average Cost | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Aug | 80 | $20.00 | $1,600 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 80 | $20.00 | $1,600 |
| 5-Aug | 80 | $20.00 | $1,600 | 100 | $21.16 | $2,116 | 0 | $0.00 | $0 | 180 | $20.64 | $3,716 |
| 8-Aug | 180 | $20.64 | $3,716 | 200 | $22.08 | $4,416 | 0 | $0.00 | $0 | 380 | $21.40 | $8,132 |
| 11uag | 380 | $21.40 | $8,132 | 0 | $0.00 | $0 | 170 | $21.40 | $3,638 | 210 | $21.40 | $4,494 |
| Total | 170 | $3,638 | 210 | $4,494 | ||||||||
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