Accounting Homework Help FIFO and Moving Weighted Average

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Question 4: Inventory Costing

Assume the following data for Smooth Sailing Co. for November 2010:

Beginning inventory Nov. 1 8 units at $40 each
Sale Nov. 3 5 units at $130 each
Nov. 6 purchase 12 units at $44 each
Sale Nov. 8 7 units at $135 each
Sale Nov. 9 3 units at $135 each

Required:
1) Calculate ending inventory and Cost of Goods Sold for Smooth Sailing Co. assuming the moving weighted-average cost method is being used.

Received Sold Balance
Date Qty. Cost Amt. Qty. Cost Amt. Qty. Cost Amt.

Nov. 1							8	$40.00	$320.00
Nov 3				5	$42.4	$212
							3
Nov 6	12	$44	$528				8	$40	$320
							12	$44	$528
							20	$42.4	$848
Nov 08				7	$42.4	$297	13	$42.4	$551
Nov 09				3	$42.4	$127	10	$42.4	$424
Total	20			15		$636	5		$|212

2) Calculate ending inventory and Cost of Goods Sold for Smooth Sailing Co. assuming the FIFO cost method is being used

Received Sold Balance
Date Qty. Cost Amt. Qty. Cost Amt. Qty. Cost Amt.

Nov 1	8	40	320				8	$40	$320
Nov 3				5	40	200	3	$40	$120
Nov 06	12	44	528				3	$40	$120
							12	$44	$528
Nov 08				3	40	120
				4	44	176	8	$44	$352
Nov 09				3	44	132	5	$44	$220
Total	20		$848	15		$628	5		$220