Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:
units
1-Jan Beginning inventory
14-Jan Bought
5-Feb Sold
22-Feb Bought
7-Mar Sold
15-Mar Sold
5-Apr Bought
10-Apr Sold
12-Apr Sold
22-Apr Sold
4-May Sold
10-May Bought
25-May Sold
price
3,500 $
1,500 $
1,000
2,000 $
1,500
2,000
1,000 $
800
800
500
600
2,000 $
500
3.00
3.15
3.20
3.25
3.30
FIFO method (scroll down for Weighted Average entry area)
Purchased
Date
units
cost
total
1-Jan
Sold
units
units
cost
total
cost
Balance
units
cost
3500 $ 3.00 $
total
10,500.00
total
Balance
units
cost
3500 $ 3.000 $
total
10,500.00
Weighted Average Method
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