# [SOLVED] Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, a…..

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Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost

 Spotter Corporation reported the following for June in its periodic inventory records.

 Date Description Units Unit Cost Total Cost June 1 Beginning 12 \$ 8 \$ 96 11 Purchase 38 9 342 24 Purchase 20 11 220 30 Ending 24

Units in Beginning Inventory = 12

Number of units purchased = 38 + 20
Number of units purchased = 58

Units in Ending Inventory = 24

Number of units Available for Sale = Units in Beginning Inventory + Number of units purchased
Number of units Available for Sale = 12 + 58
Number of units Available for Sale = 70

Number of units sold = Number of units Available for Sale – Units in Ending Inventory
Number of units sold = 70 – 24
Number of units sold = 46

Cost of Goods Available for Sale = Cost of Beginning Inventory + Cost of Goods Purchased
Cost of Goods Available for Sale = \$96 + \$342 + \$220
Cost of Goods Available for Sale = \$658

LIFO:

Cost of Goods Sold = 20 * \$11 + 26 * \$9
Cost of Goods Sold = \$454

Ending Inventory = 12 * \$8 + 12 * \$9
Ending Inventory = \$204

FIFO:

Cost of Goods Sold = 12 * \$8 + 34 * \$9
Cost of Goods Sold = \$402

Ending Inventory = 4 * \$9 + 20 * \$11
Ending Inventory = \$256

Weighted-average Cost:

Cost of Goods Available for Sale = \$658
Number of units Available for Sale = 70

Weighted Average Cost per unit = \$658 / 70
Weighted Average Cost per unit = \$9.40

Cost of Goods Sold = 46 * \$9.40
Cost of Goods Sold = \$432.40

Ending Inventory = 24 * \$9.40
Ending Inventory = \$225.60

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