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.

                                                    FIFO

    LIFO

Weighted Average

 

 

 

 

Goods available for sale            

   $

$

$

Ending inventory, March 31

Cost of goods sold

           

 

Total Word Count 46

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