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Sports Haven made the following purchases of treadmills: January 7 35 @...

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Accounting

  1. Sports Haven made the following purchases of treadmills:

January 7 35 @ $350

April 11 50 @ $365

August 15 65 @ $360

October 5 50 @ $370

Number Cost

10 $350

12 365

15 360

20 370

57

The year-end inventory revealed a total of 57 treadmills in stock:

Determine the inventory value of the treadmills by the weighted mean method.

  1. Refer to Problem 1. Determine the inventory value of the treadmills by the FIFO method.

3. Refer to Problem 1. Determine the inventory value of the treadmills by the LIFO method.

  1. Refer to problems 1-3, and compare the three valuation methods. Compute the Cost of Goods

Sold (COGS) with each method. Which method will contribute to the greatest profit?

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