Task 1

Calculate
The Cogssold
company andtwo
Inventory
PCs onunder theDecember
10th of four cost flow methods.two on the 22nd of December. The first two PCs it sold were purchased on t
and another

Product Units purchased Purchase date Purchase Price ($)

PC 3 1-Dec 350
PC 4 8-Dec 400
PC 5 21-Dec 500

Date Units sold

10-Dec 2
22-Dec 2

Accounting method Cogs Inventory

Specific Identification 1500 3650
FIFO 1450 3700
Weighted average cost 1636 3514
LIFO 1800 3350

First average cost

as of 10 dec (2 units) 757
Second average cost
as of 22 dec (2 units) 879
PCs it sold were purchased on the 1st of December, while the second two on the 8th of December.
Task 1
Calculate
The Cogssold
company andtwo
Inventory
PCs onunder theDecember
10th of four cost flow methods.two on the 22nd of December. The first two PCs it sold were purchased on t
and another

Product Units purchased Purchase date Purchase Price ($)

PC 3 1-Dec 350
PC 4 8-Dec 400
PC 5 21-Dec 600

Date Units sold

10-Dec 2
22-Dec 2

Accounting method Cogs Inventory

Specific Identification 1500 4150
FIFO 1450 4200
Weighted average cost 1736 3914
LIFO 2000 3650

First average cost

as of 10 dec (2 units) 757
Second average cost
as of 22 dec (2 units) 979
PCs it sold were purchased on the 1st of December, while the second two on the 8th of December.