I am calculating inventory methods and wanted to see if anyone could double check my figures? See below
weighted Average
Date Transaction Units
1-Apr Purchase 250 Unit Cost Ext Cost
5-Apr Sold 10 $10.00 2500
10-Apr Sold 10
15-Apr Purchase 200 $15.00 3000
20-Apr Sold 250
25-Apr Sold 50
30-Apr return 10
5500 450
Unit Value $12.22
Ending Inventory value $1,711.11
COGS beginning balance $5,500.00
Less Ending inventory $1,711.11
Total COGS $3,788.89
FIFO
Transaction Units on hand Units Sold/return Inventory Value after Sales
1-Apr Purchase 250 0 $2,500.00
5-Apr Sold 250 10 $2,400.00
10-Apr Sold 240 10 $2,300.00
15-Apr Purchase 430 0 $5,300.00
20-Apr Sold 430 250 $2,700.00
25-Apr Sold 180 50 $1,950.00
30-Apr return 140 10 $2,050.00
Balance 140 $2,150.00
COGS beginning balance $5,500.00
Less Ending inventory $2,150.00
Total COGS $3,350.00
LIFO
Transaction Units on hand Units Sold/return Inventory Value after Sales
1-Apr Purchase 250 0 $3,750.00
5-Apr Sold 250 10 $3,600.00
10-Apr Sold 240 10 $3,450.00
15-Apr Purchase 430 0 $5,450.00
20-Apr Sold 430 250 $1,800.00
25-Apr Sold 180 50 $1,400.00
30-Apr return 140 10 $1,550.00
Balance 140 $1,550.00
COGS beginning balance $5,500.00
Less Ending inventory $1,550.00
Total COGS $3,950.00
3 answers