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
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