Question

Check m A new Economics textbook is published in January. The bookstore on campus buys 405 coples at $69 each in February, an additional 1,000 copies in May at $71 each, and 630 copies in September at $74 each. At the end of December of that year, the bookstore has sold 1.885 copies of the text. (Note: The sum of cost of goods sold and ending inventory might not add up due to rounding.) a. Using the weighted average inventory costing method, calculate the cost of goods sold and the cost of ending inventory. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Cost of Goods Sold Ending Inventory b. Using the FIFO inventory costing method, calculate the cost of goods sold and the cost of ending inventory. $ 13,521 Cost of Goods Sold Ending Inventory Using the LIFO inventory costing method, calculate the cost of goods sold and the cost of ending inventory. Cost of Goods Sold Ending Inventory

Answer 1

	Units	Unit cost	Total cost
February	405	69	27945
May	1000	71	71000
September	630	74	46620
Total	2035		145565
Average cost per unit	71.53	=145565/2035
Ending inventory units	150	=2035-1885
a
Cost of goods sold	134834	=1885*71.53
Ending inventory	10730	=150*71.53
b
Cost of goods sold	134465	=(405*69)+(1000*71)+(1885-405-1000)*74
Ending inventory	11100	=150*74
c
Cost of goods sold	135215	=(630*74)+(1000*71)+(1885-630-1000)*69
Ending inventory	10350	=150*69