Began with 67 tents @ $18 each
Purchases: Oct 4. 96 @ $20 = $1920
Oct 19. 161 @ $22 = $3542
Oct 25. 41@ $23 = $943
Sold 319 on Oct 31. And ending inventory was 46 tents. The sales price of each tent was $51. Find Ending inventory and cost of goods sold with Average method, FIFO, LIFO?



I have been working on this problem for an hour and just can't figure it out!! Please Help!:(

Cost of goods available for sale 349 units $ 7,611
Ending Inventory 30 units
Value at
average cost 7611/349 x 30 = $654
FIFO 30 x 23 = 690
LIFO 30 x 18 = 540

Cost of goods sold
Average cost 7611-654= 6957
FIFO 7611-690 = 6921
LIFO 7611-540 = 7071

Cost of goods available is for sale is:
Beginning inventory of (67 * price) + purchases of (96 * price), (161 * price), (41 * price) = 365 with a total price of $7611

Ending inventory is: 365 - 319 units sold = 46units.
Avg cost of ending inventory is: $7611/365 * 46 = $959.19
COGS is: $7611 - 959.19 = $6651.81

Fifo ending inventory is 41 units @$23 + 5 units @ $22 = $1053
COGS is: $7611 - 1053 = $6558

Lifo ending inventory is: 46 units @18 = $828
COGS is: $7611 - 828 = $6783