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:

Date                             Transaction                  # of Units        Unit Cost         Total

January 1^st                   beginning inventory                10        $10                  $   100

February 7^th                 purchase                                  12        $12                  $   144

July 29^th                      purchase                                  60        $14                  $   840

November 27^th                   purchase                                  15        $15                  $   225

December 14^th             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       ________________                ________________