The following data relate to inventory for the year ended December 31, 2009. A physical inventory on December 31, 2009, indicates that 600 units are on hand and that they came from the July 1 purchase.
|
Date |
Description |
Number of Units |
Cost per Unit |
Total Cost |
|
January |
Beginning inventory |
1,000 |
$4.00 |
4,000 |
|
February 20 |
Purchase |
800 |
4.50 |
3,600 |
|
April |
Purchase |
900 |
4.75 |
4,275 |
|
July |
Purchase |
700 |
5.00 |
3,500 |
|
October 22 |
Purchase |
500 |
4.90 |
2,450 |
|
December 10 |
Purchase |
500 |
5.00 |
2,500 |
|
|
|
4,400 |
|
$20,325 |
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