# Question & Answer: Summertime Fun is a local toy store which specializes in beach and pool toys. Sales are slow during the most of the year, including…..

Question #2

Summertime Fun is a local toy store which specializes in beach and pool toys. Sales are slow during the most of the year, including X-Mas; however, summer is particularly hectic. Here is some information about an inflatable bulldog:

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Question & Answer: Summertime Fun is a local toy store which specializes in beach and pool toys. Sales are slow during the most of the year, including…..
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Date                             Transaction                  # of Units        Unit Cost         Total

January 1st                   beginning inventory                10        \$10                  \$   100

February 7th                 purchase                                  12        \$12                  \$   144

July 29th                      purchase                                  60        \$14                  \$   840

November 27th                   purchase                                  15        \$15                  \$   225

December 14th             purchase                                  3       \$20                  \$     60

total                                       100 units                       \$1,369

At the end of the year, Summertime Fun had 25 of these inflatable bulldogs remaining.

Calculate ending inventory and cost of goods sold for this inflatable bulldogs using:

FIFO

LIFO

Weighted Average

Method                        Ending Inventory                    Cost of Goods Sold

FIFO                           ________________                ________________

LIFO                           ________________                ________________

Weighted Average       ________________                ________________