Canada LIFO, FIFO and Weighted Average

[samgoku79]

I need help with the problem given to us as an exercise.
Here's my answers:
FIFO COMS=8265 EI=13,765
LIFO COMS=8,455 EI=13,575
Weighted Average $88.12 per unit COMS= 8371.4 EI= 13,658.6


My question is, Should the unit cost on March 11 be considered in my computation($120). What I did is ignored it and follow the FIFO, LIFO method where you get the 95 units sold either on your first purchase or last purchase and calculate the amount on those inventory.. I just want to clarify that and make sure I'm in the right track.. Thanks

Problem:
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating.
Provide calculations for a)FIFO b) LIFO and c) weighted average

Number of Units

Unit Cost

Beginning Inventory Mar 1 purchased Mar 8 Sold Mar 11 for $120 per unit 110 140 95 $87 $89

 

[DrStrangeLove]

Two points:

1.) There's a forum for Exams and Studying questions. Please post your questions about class problems and homework there.

2,) The sales price (the $120 in the problem) is irrelevant to valuing the inventory and cost of goods sold. That matters only if you're asked to calculate gross profit.

 

[samgoku79]

Got it. Thanks