accounting queston 1

Accounting
Tutor: None Selected Time limit: 1 Day

i am stuck on the following problem. here is a pic of the problem

http://imgur.com/ZLA3vBQ

please include how you got the answers, it will help with future problems

Feb 14th, 2015

Beginning inventory value  = 200*25   =5000

Purchases(1)     = 300*30   =9000

Purchases(2)     = 250*35   =8750

Total value    =22750

Sold   =700

FIFO

Cost of Goods sold   = 200*25+300*30+200*35 = 5000+9000+7000  = 21000

Inventory  =50*35  = 1750

LIFO

Cost of Goods sold   = 150*25+300*30+250*35 = 3750+9000+8750  = 21500

Inventory  = 50*25  =1250

Weighted A verage

 Value =22750/750 =2275/75 =30.333

If 30.333 is 

Cost of goods sold = 700*30.333  =21233

Inventory  =50*30.333  = 1567

If 30.33 is assumed

Cost of goods sold = 700*30.33    =21231

Inventory  =50*30.33  = 1569


Feb 14th, 2015

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