ony Merchandise Company_Computation of Inventory costing

Wall Street Journal
July 1, 2020
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July 2, 2020

ony Merchandise Company_Computation of Inventory costing


Tony Merchandise Company_Computation of Inventory costing

Tony Merchandise Company has the following information for the month of February:

Feb. 2 Beginning inventory 20 units @ $12 per unit
Feb. 5 Purchase 20 units @ $16 per unit
Feb. 8 Sale 12 units
Feb. 21 Purchase 12 units @ $18 per unit
Feb. 25 Sale 14 units

Answer the following questions for Tony Merchandise Company:

  1. Calculate the dollar ending inventory if first in, first out (FIFO) is used.
  2. Calculate the cost of goods sold if LIFO is used.
  3. Calculate the dollar ending inventory if weighted average is used.

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