Laplante Inc. uses the perpetual inventory system. The following transactions took place during January 2017
|
Date |
Units |
Unit Cost |
||
|
Jan. |
1 |
Opening Inventory |
100 |
$1 |
|
7 |
Purchase #1 |
10 |
2 |
|
|
9 |
Sale #1 |
80 |
||
|
21 |
Purchase #2 |
20 |
3 |
|
|
24 |
Sale #2 |
40 |
||
Required: Using the table below, calculate cost of goods sold for the January 9 and 24 sales, and ending inventory under the following inventory cost flow assumptions:
- FIFO
- Weighted average.
|
Purchased |
Sold |
Balance in Inventory |
||||||||
|
Date |
Units |
Unit Cost |
Total $ |
Units |
Unit Cost |
Total $ |
Units |
Unit Cost |
Total $ |
|
|
Jan. |
1 |
100 |
$1 |
$100 |
||||||
|
7 |
||||||||||
|
9 |
||||||||||
|
21 |
||||||||||
|
24 |
||||||||||
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