00:01
In this question, you gave me inventory data of beginning units of 2 ,000 at a cost of $2 each, so that's a total of $4 ,000.
00:10
Then we bought 1 ,000 units at a cost of $3 each for a total of $3 ,000.
00:17
300 units at a cost of $400 each, $1 ,200.
00:22
And 500 units at a cost of $5 each for $2 ,500.
00:26
When you're doing these types of problems, we always want to add together our total number of units and our total cost.
00:35
When i add up our total units, we have 3 ,800 units available for sale.
00:41
And now i'm going to add up the column on the right to find what the total cost is.
00:47
Our total cost is $10 ,700.
00:50
And you've asked me to calculate cost of goods sold under a, the lifo method, b, the fifo method, and c, the weighted average valuation method.
01:07
Lifo method means lost in, first out.
01:11
We know that we sold 1 ,600 units.
01:15
Lost in, first out means we sold them from our goods that are in last, so we need to account for 1 ,600 units...