The following data relate to inventory for the year ended December 31, 2000:
|
Date |
Description |
Number of Units |
Cost per unit |
Total Cost |
|
January 1 |
Beginning inventory |
400 |
$5.00 |
$ 2,000 |
|
March 1 |
Purchase |
1,000 |
6.00 |
6,000 |
|
August 1 |
Purchase |
200 |
7.00 |
1,400 |
|
November 1 |
Purchase |
200 |
7.50 |
1,500 |
|
1,800 |
$10,900 |
A physical inventory on December 31, 2000, indicates that 400 units are on hand and that they came from the March 1 purchase.
Required Compute the cost of goods sold for the year ended December 31, 2000, and the ending inventory under the following cost assumptions:
a. First-in, first-out (FIFO) c. Average cost (weighted average)
b. Last-in, first-out (LIFO) d. Specific identification