weighed average fifo and lifo
I have been working on this problem for 1/25 for 3 days. I cannot figure out to get the correct answer. Its for weighted average and I know the equations and all the information I just cannot get it to work.. help would be much appreciated.. thank you
(this is my first accounting class and it is online)
Liberty Company reported the following January purchases and sales data for its only product:
Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning Inventory 140 units @ $ 7.00 = $ 980
Jan. 10 Sales 90 units @ $ 15
Jan. 20 Purchase 220 units @ $ 6.00 = 1,320
Jan. 25 Sales 145 units @ $ 15
Jan. 30 Purchase 100 units
@ $ 5.00 = 500
Totals 460 units
$ 2,800
235 units
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Liberty uses a perpetual inventory system. Ending inventory consists of 225 units, 100 from the January 30 purchase, 80 from the January 20 purchase, and 45 from beginning inventory. (Round all per unit costs to 3 decimal places. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Date Cost of Goods Sold Inventory Balance
1/1 $ 980
1/10 $ 630 $350
1/20 $ 1670
1/25 $ $
1/30
$
Total $
