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  • Dec 4, 2012, 10:13 PM
    RKB16
    Find answers to accounting problems
    Platinum Company's inventory of XL125 on January 1 was 8,000 gallons, costing $0.45 per gallon (periodic inventory). In addition to this beginning inventory, purchases during the next six months were as follows:
    Date Quantity (Gallons) Cost per Gallon Total Cost
    Jan. 1 Inventory 8,000 $0.45 $3,600
    Jan. 15 9,000 0.46 4,140
    Feb. 17 11,000 0.47 5,170
    Mar. 9 6,000 0.465 2,790
    Apr. 20 7,000 0.48 3,360
    May 14 10,000 0.49 4,900
    June 6 12,000 0.50 6,000
    June 28 5,000 0.51 2,550

    The inventory on June 30 was 12,000 gallons. During this six-month period, Platinum Company sold XL125 for $0.70 per gallon. Assume that no liquid was lost through evaporation or leakage.

    Find the cost of the ending inventory by the following methods:
    Weighted-average-cost. Round intermediate calculations to three decimal places. Round your final answer to the nearest dollar.
    $

    First-in, first-out.
    $

    Last-in, first-out.
    $

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