[MarijaS]

Hello,
I read more than few answers to similar question than mine, but I'm not sure that I understand it yet. I tried my best to do it on my own but no luck yet. Here's the problem and I also provide my own answer. If nothing else, I would appreciate feedback and advice. I will appreciate it very much.

Date Transaction Number of Units Unit Cost

11/1 Beginning Inventory 400 $5

11/3 Purchase No. 1 400 $5

11/5 Sale No. 1 600

11/7 Sale No. 2 100

11/11 Purchase No. 2 1,000 $7

11/17 Sale No. 3 700

11/19 Purchase No. 3 1,000 $7

11/21
11/28 Sale No. 5 600

11/29 Purchase No. 4 1,200 $9
I need to find ending inventory and cost of goods sold by using FIFO, LIFO, and weighted average method.

This is what I have. I got confused on weighted average.

FIFO-Ending Inventory: $4,000; Cost of goods sold: $24,800
LIFO-Ending Inventory: $17,800; Cost of goods sold: $11,000

[pready]

FIFO Ending Inventory = $16,400
800 Unit @$7 & 1,200 units @$9

FIFO COGS = $21,00
600 Units @$5, 100 Units @$5, 600 Units @7, 400 Units @$7, and 200 Units @7.

LIFO Ending Inventory = $20,700
100 Units @5, 300 Units @7, 400 Units @7, and 1,200 Units @9.

LIFO COGS = $17,100
600 Units @$5, 100 Units @$5, 700 Units @$7, and 600 Units @$7.

Weighted Average = Moving Average
Inventory 400 Units @5 = $2,000
Purchase 400 Units @5 = $2,000
Balance 800 Units @5 = $4,000
Sale [ U]600[/U] Units @5 = $3,000
Balance 200 Units @5 = $1,000
Sale 100 Units @5 = $ 500
Balance 100 Units @5 = $ 500
Purchase1,000 Units @7 = $7,000
Balance 1,100 Units @6.82 = $7,500
Sale [U ]700[/U] Units @6.82 =$4,774
Balance 400 Units @6,82 = $2,726
Purchase1,000 Units @7 = $7,000
Balance 1,400 Units @6.95 = $9,726
Sale 600 Units @6.95 = $4,170
Balance 800 Units @6.95 = $16,356

COGS =Sales of 600 Units @5, 100 Units @5, 700 Units @6.82, and 600 Units @6.95

Ending Inventory = Ending Balance

Note: amounts may be off a little due to rounding