The following information pertains to company a's year 1 inventory activities:

date transaction number of units purchase price per unit sale price per unit

january 1 beginning balance 90 $40

april 11 sale 50 $70

may 15 purchase 160 $65

july 25 sale 30 $75

for each of the following independent assumptions regarding company a's inventory cost flow methods, click on the associated designated cell and enter the applicable dollar value of inventory that would be reported in company a's december 31, year 1, balance sheet. enter all amounts as positive values. round all amounts to the nearest dollar. if the amount is zero, enter a zero (0).

1. first-in, first-out (fifo) periodic

2. moving average

3. weighted average

4. last-in, first-out (lifo) periodic

5. first-in, first-out (fifo) perpetual

1 & 5) FIFO Ending Inventory $ 10,800

2) moving average:   $  10,400

3) weighted average $  9,520

4) LIFO                       $  8,800

Explanation:

January 1 Beg Inv  90 $40 subtotal: $   3,600

May 15 Purchase 160 $65 subtotal:  $ 10,400  

                units:   250          total:       $ 14,000

April 11 Sale 50 $70

July 25 Sale 30 $75

Total sales   80 units

Ending Inventory: 250 - 80 = 170 units

FIFO the ending inventory is compose of the last nits

As it follows a crhonological order is the same under periodic and perpetual:

We start from the top

May 15th 160 at 65$   $10,400

170 - 160 units = 10 units

January 1 Beg Inv  10 units at  $40 = $ 400

Total ending inventory: $ 10,800

Moving average:

the average is calculate based on the aailable good at hand before eahc purchase:

At April 11th the company's available goods are the beginning invenory thus the COGS is

50 units x 40 dollars each = 2,000

Then, at July 25th the inventory available is:

40 units at $40 dollars          =    1,600

and 160 units at 65 dollars   = 10,400  

total   200 units at                    12,000

Average: $12,000 / 200 units = $60 per unit

COGS: 30 units x $60 = 1,800

Total cost: 2,000 + 1,600 = 3,600

Ending inventory: 14,000 - 3,600 = 10,400

Weighted average:

we divide total goods available over the total units purchased:

14,000 / 250  = 56 dollar per unit

ending inventory 170 units x 56 per unit = $ 9,520

LIFO:

the last units are sold while the first are ending inventory we start from the top part :

January 1 Beg Inv  90 $40 subtotal: $   3,600

170 units - 90 units = 80 units

May 15 Purchase 80 $65 subtotal:   $   5,200  

                                      Total             $    8,800

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