Question

Spotter Corporation reported the following for June in its periodic inventory records.

Date			Description	Units	Unit Cost			Total Cost
June	1		Beginning	12	$	8		$	96
	11		Purchase	38		9			342
	24		Purchase	20		11			220
	30		Ending	24

Required:

1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.)

Answer 1

First in First Out Ending inventory Cost of GoodsSold 256 A 402 Last-in, First Out BEnding inventory Cost of GoodsSold 204 454 Weighted Average Ending inventory Cost of GoodsSold 226 C 432

Periodic : FIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost of Cost Per Ending of Units # of cost of Goods Goods Cost Per Cost Per Available for sales sold Units #of Units Unit Inventory Unit Sold Unit Beginning inventory Purchases 12 96 12 8 96 0 Jun-11 38 9 342 34 306 4 9 36 Jun-24 20 11 220 0 11 0 20 11 220 Totals 658 256 70 46 402 24 Periodic : LIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost of #of Units Available for sales sold Cost Per Ending # of Goods Cost Per cost of Goods Cost Per Sold Inventory of Units Unit Unit Units Unit Beginning inventory 96 12 8 96 8 0 12 Purchases Jun-11 38 342 26 234 12 9 108 Jun-24 20 11 220 20 11 220 0 11 0 Totals 658 454 70 46 24 204 Periodic : Weighted Average Totals 70 658 9.40 46 9.40 432 24 9.40 226

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