ACC 205 Week 3 Exercise 2 Inventory valuation methods basic computations

ACC 205 Week 3 Exercise 2 Inventory valuation methods basic computations

Inventory valuation methods basic computations. The January beginning inven­tory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:

Date Quantity Cost

1/15 700 $45

1/31 1200 $48

2/12 800 $46

2/27 650 $51

Sales during the first quarter were.

Date Sold

1/19 500

2/2 600

2/13 500

2/28 100

The White Company uses a perpetual 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.

FIFO LIFO Weighted Average
Goods available for sale $ $ $
Ending inventory, March 31
Cost of goods sold

 

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