[mira1976]

Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 10 units @ $550/unit
Jan. 5 Purchase 25 units @ $600/unit
Jan. 9 Sales 26 units @ $900/unit
Jan. 18 Purchase 11 units @ $650/unit
Jan. 25 Purchase 15 units @ $670/unit
Jan. 29 Sales 13 units @ $1,000/unit
Totals 61 units
39 units


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Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the January 9 sale consisted of 9 units from beginning inventory and 17 units from the January 5 purchase; the January 29 sale consisted of 7 units from the January 18 purchase and 6 units from the January 25 purchase

I cannot figure out how to do FIFO, LIFO, and weighted average. I am supposed to calculate cost of sales for all of them. I did calculated specific identification, but I do not know how to do the rest of it. Any help will be greatly appreciated. Thanks

[dee1815]

Using fifo the ending inventory would be 7 @ 650 and 15 @ 670 (14600)
Using lifo the ending inventory would be 12 @600 and 10 @ 550 (12700)
Using specific identification the ending inventory would be 1 @ 550, 8 @600, 4 @ 650, and 9 @ 670 (13980)