3. The following information regarding inventory transactions is available for the month of July:
Date Type of Event #Units Unit Cost Total Cost
July 1 Beginning inventory 180 $8 $1,440
July 5 Purchase 75 $9 $ 675
July 9 Sale 80
July 12 Sale 45
July 17 Purchase 140 $10 $1,400
July 26 Sale 75
July 29 Purchase 40 $11 $ 440

a. What is the cost of goods sold under FIFO? Show your computations to earn credit.
b. What is the ending inventory under FIFO? Show your computations to earn credit.
c. What is the cost of goods sold under LIFO? Show your computations to earn credit.
d. What is the ending inventory under LIFO? Show your computations to earn credit.
e. What is the cost of goods sold under the weighted average method? Show your computations to earn credit.
f. What is the ending inventory under the weighted average method? Show your computations to earn credit.

Show us your answers

a. 1,440 + 675 + 1,400 + 440 = 3,955
answer: $3,955

b. 3,955 - ?

c. 675 + 1,400 + 440 = 2,515
answer $2,515

d. 3,955 - 2,515 = 1,440
answer: $1,440

e. 3,955 / 435 = 9.09
9.09 * 200 = 1,818
answer: $1,818

f. 3,955 - 1,818 = 5,773
answer: 5,773