The following data relate to inventory for the year ended December 31, 2009:
|
Date |
Description |
Number of Units |
Cost per Unit |
Total Cost |
|
January |
Beginning inventory |
400 |
$5.00 |
2,000 |
|
March |
Purchase |
1,000 |
6.00 |
6,000 |
|
August |
Purchase |
200 |
7.00 |
1,400 |
|
November |
Purchase |
200 |
7.50 |
1,500 |
|
|
|
1,800 |
|
$10,900 |
A physical inventory on December 31, 2009, 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, 2009, and the ending inventory under the following cost assumptions:
a. First in, first out (FIFO)
b. Last in, first out (LIFO)
c. Average cost (weighted average)
d. Specific identification