A company purchased a certain number of units for each particular month: Beginning Inventory 250 units...
- A company purchased a certain number of units for each particular month:
|
Beginning Inventory |
250 units |
$1.55 each |
|
June |
470 units |
$1.65 each |
|
July |
650 units |
$1.20 each |
|
August |
230 units |
$1.25 each |
If there are 350 units left at the end of the year, then determine the inventory value using each method listed below:
- LIFO Method
- FIFO Method
- Weighted Average Method
Homework Answers
1.
LIFO:
= (250 X $1.55) + (100 X $1.65)
= $552.50 (or) $553
2.
FIFO:
= (230 X $1.25) + (120 X $1.20)
= $431.50 (or) $432
3.
Weighted average method:
= [(250 X $1.55) + (470 X $1.65) + (650 X $1.20) + (230 X $1.25) / (250 + 470 + 650 + 230)] X 350
= $487.92 (or) $488
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