Question: Determine the cost assigned to ending inventory and to cost of goods sold using

a) FIFO

b) Weighted average

Problem 6-1B

Compute the cost assigned to ending inventory using:

FIFO

LIFO

Weighted Average and

Specific identification

Date

Activities

Units acquired at cost

Units sold at Retail

April 1

Beginning Inventory

20 units @$3,000 per

unit

April 6

Purchases

30 units @ $3,500 per

unit

April 9

Sales

35 units @ $12,000

per unit

April 17

Purchases

5 units @ $4,500 per

unit

April 25

Purchases

10 units @ $4,800 per

unit

April 30

Sales

25 units@$14,000 per

unit

Total

65 units

60 Units

(For specific identification, the April 9 sales consisted of 8 units from beginning

inventory and 27 units from the April 6 Purchases; The April 30 sale consisted of 12

units from the beginning inventory, 3 units from April 6 purchases and 10 units from

the April 25 purchase)

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