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Solution Library
Prepare Inventory With FIFO, LIFO and Weighted Average Methods
Question
The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
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FIFO |
LIFO |
Weighted Average |
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Goods available for sale |
$ |
$ |
$ |
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Ending inventory, March 31 |
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Cost of goods sold |
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Total Word Count 46
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