1) Calculate Goods Available For Sale (GAFS) in dollars.
Date Units Unit Cost Extended Cost
1/1/24 1600 $31.00 $49,600.00
6/26/24 3500 $33.00 $115,500.00
8/2/24 2000 $34.00 $68,000.00
7100 $233,100.00
2) Calculate FIFO Cost of Goods Sold under a Periodic Inventory System
3) Calculate FIFO Ending Inventory under a Periodic Inventory System
(HINT: You can do this directly using GAFS and COGS)
Units Sold Unit Cost Extended Cost
1600 $31.00 $49,600.00 FIFO Ending Inventory
3400 $33.00 $112,200.00
FIFO COGS $161,800.00
4) Calculate LIFO Cost of Goods Sold under a Periodic Inventory System
5) Calculate LIFO Ending Inventory under a Periodic Inventory System
(Hint: You can do this directly using GAFS and COGS)
Units Sold Unit Cost Extended Cost
2000 $34.00
3000 LIFO Ending Inventory
LIFO COGS
6) Calculate Weighted Average Ending Inventory and COGS under a Periodic Inventory System.
Weighted Average Cost/Unit
Units in Ending Inventory
Weighted Average Ending Inventory
Weighted Average COGS
7) What are the following under a Perpetual Inventory System?
FIFO COGS FIFO Ending Inventory
8) Calculate LIFO Cost of Goods Sold & Ending Inventory under a Perpetual Inventory System (HINT: The textbook example 7.8 on page 7-16 demonstrates how to do this)
Purchased Sold Balance in Inventory
Date No. of units Unit cost No. of units Unit cost No. of units Unit cost Amount
1/1/24 1600 $31.00 1600 $31.00 $49,600.00
LIFO Ending Inventory - Perpetual System
LIFO COGS - Perpetual System
9) Calculate Moving Average Cost of Goods Sold & Ending Inventory under a Perpetual Inventory System (HINT: The textbook example 7.10 on page 7-19 demonstrates how to do this)
Purchased Sold Balance in Inventory
Date No. of units Unit cost No. of units Unit cost No. of units Unit cost Amount Moving Average Unit Cost
1/1/24 1600 $31.00 1600 $31.00 $49,600.00 $31.00
Moving Average Ending Inventory
Moving Average COGS
