Question

ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard.

Mar 01: Purchase, 100 units, 50 each.

Mar 05: Purchase, 400 units, 55 each.

Mar 09: Sales, 420 units, 85 each.

Mar 18: Purchase, 120 units, 60 each.

Mar 25: Purchase, 200 units, 62 each.

Mar 29: Sales, 160 units, 95 each.

1. Compute the cost assigned to ending inventory using FIFO.
2. Compute the cost assigned to ending inventory using LIFO.
3. Compute the cost assigned to ending inventory using Weighted Average.

Required 3 Required 1 Required 2 Compute the cost assigned to ending inventory using FIFO. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units in ending inventory Cost of Goods Available for Sale |#of units sold Cost of Goods Sold Ending Inventory Cost per unit Cost per unit #of units Cost per unit Date 50.00 $ March 1 100 5,000 $ 0.00 55.00 March 5 22,000 $ 0.00 0 400 March 18 120 $ 60.00 7,200 March 25 200 $ 62.00 12,400 Total 820 $ 46,600 0 O O
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Answer 1

FIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	100	$           50	$        5,000	100	$          50	$      5,000	-	$          50	$               -
Purchases:
Mar-05	400	$           55	$     22,000	400	$          55	$   22,000	-	$          55	$               -
Mar-18	120	$           60	$        7,200	80	$          60	$      4,800	40	$          60	$        2,400
Mar-25	200	$           62	$     12,400	-	$          62	$             -	200	$          62	$     12,400
	820		$     46,600	580		$   31,800	240		$     14,800
LIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	100	$           50	$        5,000	-	$          50	$             -	100	$          50	$        5,000
Purchases:
Mar-05	400	$           55	$     22,000	260	$          55	$   14,300	140	$          55	$        7,700
Mar-18	120	$           60	$        7,200	120	$          60	$      7,200	-	$          60	$               -
Mar-25	200	$           62	$     12,400	200	$          62	$   12,400	-	$          62	$               -
	820		$     46,600	580		$   33,900	240		$     12,700
Weighted Average	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	100	$           50	$        5,000
Purchases:
Mar-05	400	$           55	$     22,000
Mar-18	120	$           60	$        7,200
Mar-25	200	$           62	$     12,400
	820	$     56.83	$     46,600	580	$    56.83	$   32,961	240	$    56.83	$     13,639