Chapter 1 Problem 7-22
Units Unit cost Total cost
FIFO
October 1 15,000 60 900,000
Weighted average – periodic
January 1 10,000 40 400,000
April 1 15,000 50 750,000
October 1 25,000 60 1,500,000
Goods available for sale 50,000 2,650,000
Less: Sales 35,000
Ending inventory 15,000
Weighted average (2,650,000/50,000) 15,000 53 795,000
Units Unit cost Total cost
Moving average – perpetual
January 1 10,000 40 400,000
31 ( 5,000) 40 ( 200,000)
Balance 5,000 40 200,000
April 1 15,000 50 750,000
Total 20,000 47.50 950,000
July 31 18,000) 47.50 ( 855,000)
Balance 2,000 47.50 95,000
October 1 25,000 60__ 1,500,000
Total 27,000 59.07 1,595,000
December 31 (12,000) 59.07 ( 708,840)
Balance 15,000 59.07 886,160
FIFO Weighted average
Inventory – January 1 400,000 400,000 Purchases 2,250,000 2,250,000
Goods available for sale 2,650,000 2,650,000
Less: Inventory – December 31 900,000 795,000
Cost of sales 1,750,000 1,855,000
Cost of sales – Weighted average perpetual
January 31 Sale
July 31 Sale
December 31 Sale
Total cost of sales 1,763,840
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