Bitten Company's inventory records show 600 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October:
Date: Unit Purchases unit sales:
October 4 500 @ $10
8 800 @ $5.40
9 700 @ $10
18 700 @ 5.76
20 800 @ $11
29 800 @ 5.90
All expenses other than cost of goods sold amount to $3,000 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes.


Inventory system: cost of goods sold ending inventory total
Weighted avg:
FIFO
LIFO


Please help me solve this. I need the cost of goods sold, ending inventory and total for each (weighted avg, FIFO, and LIFO)

Quote:

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Originally Posted by tayleeeeeer

Bitten Company's inventory records show 600 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October:
Date: Unit Purchases unit sales:
October 4 500 @ $10
8 800 @ $5.40
9 700 @ $10
18 700 @ 5.76
20 800 @ $11
29 800 @ 5.90
All expenses other than cost of goods sold amount to $3,000 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes.


Inventory system: cost of goods sold ending inventory total
Weighted avg:
FIFO
LIFO


Please help me solve this. I need the cost of goods sold, ending inventory and total for each (weighted avg, FIFO, and LIFO)

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So let's see your calculations