Cost Of Goods Sold (Cogs) Lifo Fifo Methods

January 1Beginning inventory@ $2.40=$ 528March 7Purchase@ $3.05July 28@ $2.90October 3@ $3.60December 19@ $4.10 Totals$ 10,480220 units480 units1120 units1000 units400 units3220 unitsEnding InventorySpecific Identification120 @ $4.10 = $492120 @ $3.60 = $432120 @ $2.90 = $348360 units $ 1272Cost of goods solds2860 units $ 9208COGS = Beginning Inventory + Purchases - Ending InventoryWeighted AverageCost of goods available for saleNumer of units available for sale$ 3.25 per unitEnding inventory140 @ $3.05 = $427x 360 units360 @ $4.10= $1476360 units $1476$ 9004220 @ $2.40 = $ 528 360 units $9552860 units $9525$9525$ 10480360 units = $1171.682860 units $9308.32Cost of good soldsFIFO = Assumes cost flow in the order incurred (first-in, first out)LIFO = Assumes cost flow in the reverse order incurred (Last-in, first-out)Weighted Average = Assumes costs flow at an average of the costs available 2860 units $9004Study Case: Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 360 units—120 from each of the last three purchases.