ACCT 201

Chapter 6 In-Class Exercise

Specific Identification – Cost of exact units sold are expense
8/14, sold 8 bikes costing $91 and 12 bikes costing $1
8/30, sold 23 bikes: 2 units costing $91; 3 units costin
Date Activities units acquired at cost

44044 beg inventory 10 units @ $91

44046 Purchase 15 units@$106

17-Aug Purchase 20 units @115

28-Aug Purchase 10 units @ 119

55 units at $5.990

LIFO - Last in First Out

Date Activities units acquired at cost

1-Aug beg inventory 10 units @ $91

3-Aug Purchase 15 units@$106

17-Aug Purchase 20 units @115

28-Aug Purchase 10 units @ 119

55 units at $5,990
FIFO - Last in First Out

Date Activities units acquired at cost

1-Aug beg inventory 10 units @ $91

3-Aug Purchase 15 units@$106

17-Aug Purchase 20 units @115

28-Aug Purchase 10 units @ 119

55 units at $5,990

Weighted Avergage

Date Activities units acquired at cost

1-Aug beg inventory 10 units @ $91=910

3-Aug Purchase 15 units@$106=1590

17-Aug Purchase 20 units @115=2300

28-Aug Purchase 10 units @ 119=1190

55 units at $5,990

Step 1 Total unit and Toal Cost

Step 2 Weighted average per unit
Assign weighted average
Step 3 cost
exact units sold are expensed as Cost of Goods Sold
1 and 12 bikes costing $106.
costing $91; 3 units costing $106; 15 units costing $115 and 3 un
Cost of good Sold Cost of Ending Inventory

Cost of good Sold Cost of Ending Inventory

10 units @91=910

13 units @106 2 units @106

20 units @115 0

10 units @119 0

43 units $4868 12 units $1122

Cost of good Sold Cost of Ending Inventory

10 units @91=910

15 units @106=1590

18 units @115=2070 2 @115

10 units @119

43 units 12 units=1420

Cost of good Sold Cost of Ending Inventory

43 units @108.90=4683 12 units 108.90=1306

5990/55
108.9
g $115 and 3 units costing $119.