FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Figure out what the Cost of Goods Sold is for the order placed for

  • FIFO
  • LIFO
  • and Weighted Average Cost (Average Cost)

Using the information below. 

Jacob's Footwear Inc.

For the Month Ended January 31, 2022

Month          Description                   Units     Unit Cost     Total Cost

Jan. 1     -     Beginning Inventory     300       $9                 $2,700

Jan. 10   -     Purchase                       100       $8                 $800

Jan. 15   -     Purchase                       200       $12               $2,400

Jan. 20   -     Purchase                       150       $11               $1,650

Jan. 25   -     Purchase                       250       $12               $3,000

Total                                                   1,000                          $10,550

The amount of units still left on-hand is 375.

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