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12345 23 A company provides the following inventory records. Number of units sold = Selling price per unit = A B Date Jan 1 5 6 7 8 January 1 9 March 12 10 June 5 11 October 22 12 13 14 Required: 15 1. Based on the information given above, calculate cost of goods sold and ending inventory using the FIFO method. 16 2. Calculate cost of goods sold and ending inventory using the LIFO method. + 17 3. Calculate cost of goods sold and ending inventory using the Weighted Average Method. 18 4. Calculate gross profit under all three methods. 19 20 Requirement 1: Cost of Goods Sold and Ending Inventory under FIFO 8,500 $30.00 Date Transaction Beginning inventory Purchase Purchase Purchase Totals (Use cells A2 to E12 from the given information above to complete this question. To 21 calculate the number of units sold within each batch, use the MIN function.) 22 C Transaction Daginning inviantami D Number of Units Unit Cost Total Cost 1,200 $10.25 $12,300 2,200 $10.3 $22,660 2,700 $10.4 $28,080 3,900 $10.6 $41,340 10,000 $104,380 Units Sold 1200 E Cost of Goods Sold 6107 F Units Ending Remaining Inventory $12.200 G H I

30 Requirement 2: Cost of Goods Sold and Ending Inventory under LIFO (Use cells A2 to E12 from the given information above to complete this question. To calculate the number of units sold within each batch, use the MIN function.) Requirement 3: Cost of Goods Sold and Ending Inventory under Weighted Average (a) Calculate the weighted-average unit cost. (Use cells A2 to E12 from the given information above to complete this question.)

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