1. Exercise – On October 26th, Sell 324 Units for $30 each
Beginning Inventory and Purchases
Calculate the cost of goods sold and ending inventory.
Date
Units
Cost per unit
Total cost
Beg. inventory
72 tents
$17
$1,224
Oct. 4
103 tents
$19
$1,957
Oct. 19
158 tents
$21
$3,318
Oct. 25
43 tents
$22
$946
Beginning Inventory and Purchases

2. FIFO

3. LIFO

4. All transactions are on account. Sales Price is $2,000 per unit
All transactions are on account. Sales Price is $2,000 per unit. Complete using LIFO.

5. Example LIFO

6. Example LIFO (Cont.)

8. 1.) Calculate Ending Inventory and Cost of Goods Sold - FIFO