For the weighted average I take the cost of all 60@11=660, 80@12=960, 55@13= 715

Question

For the weighted average I take the cost of all 60@11=660, 80@12=960, 55@13= 715 for a total of 2335 ... there are 195 units I take the Cost of goods available for sale/number of goods available to get the Price per unit ---- 2335/195= 11.97 then take the 11.97 multiply by remaing units 105*11.97= 1257.31     Total cost of good available - remaing inventory = COGS

2335-1257.31= 1077.69 ..... this is wrong what am I missing here?

QUESTION Partially correct 2.00 points out of 3.00 Flag question Inventory Costing Methods-Perpetual Method The Lippert Company uses the perpetual inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 60 units$11 per unit 10 Purchased 15 Sold 26 Purchased 80 units $12 perunit 90 units@ 55 units @ $13 per unit Calculate the cost of goods sold for the July 15 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. For weighted-average cost, do not round the weighted-average unit cost. A. First-in, First-out: Cost of Goods Sold: 1,020 B. Last-in, first-out: 1,070 Cost of Goods Sold C. Weighted-average cost: Cost of Goods Sold $1,077.69 X

Explanation / Answer

Ans)

a) First in first out

Cost of goods sold = 60 Units X 11 + 30 X 12 = 1020

b) LIFO

Cost of goods sold = 80 X 12 + 10 X 11 = 1070

c) Weighted average method

Cost per unit = 60 X 11 + 80 X 12 / 60 +80

= 1620 / 140

= 11.57 per unit

Cost of goods sold = 90 X 11.57 = 1041.3

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