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Inventory

The document outlines inventory management details, including opening balances, purchases, sales, and calculations for Cost of Goods Sold (COGS) using FIFO and Weighted Average methods. It provides a breakdown of units purchased, sold, and the corresponding costs, along with ending inventory values. The total costs and units sold are summarized to ensure accurate inventory tracking.

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Zin Wendy
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25 views6 pages

Inventory

The document outlines inventory management details, including opening balances, purchases, sales, and calculations for Cost of Goods Sold (COGS) using FIFO and Weighted Average methods. It provides a breakdown of units purchased, sold, and the corresponding costs, along with ending inventory values. The total costs and units sold are summarized to ensure accurate inventory tracking.

Uploaded by

Zin Wendy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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OB of Inventory 500 10

Purchases
Date Units Purchased Cost
Jan-02 300 11
Jan-19 400 13
Jan-21 110 15

Sales
Jan-07 640 35
Jan-11 120 35
Jan-23 510 35

FIFO
Purchases
Date Units Unit $
1-Jan
2-Jan 300 11

7-Jan

11-Jan
19-Jan 400 13

21-Jan 110 15

23-Jan

Weighted Average
Purchases
Date Units Unit $
1-Jan
2-Jan 300 11
7-Jan
11-Jan
19-Jan 400 13
21-Jan 110 15
23-Jan
Total Cost
3300
5200
1650
15150

ases COGS Ending Inventory


Total ($) Units Unit $ Total $ Units Unit $
500 10
3,300 500 10
300 11
500 10 5,000 - 10
140 11 1,540 160 11
120 11 1,320 40 11
5,200 40 11
400 13
1,650 40 11
400 13
110 15
40 11 440
400 13 5,200
70 15 1,050

ases COGS Ending Inventory


Total ($) Units Unit $ Total $ Units Unit $
500 10
3,300 800 10.38
640 10.38 6,640 160 10.38
120 10.38 1,246 40 10.38
5,200 440 12.76
1,650 550 13.21
510 13.21 6,737 40 13.21
14,623
Inventory
Total $
5,000
5,000
3,300
-
1,760 Total of units sold should add up to the COGS
440
440
5,200
440
5,200
1,650

Inventory
Total $
5,000
8,300 New cost per unit = (Old Inventory Balance + Purchase) / Total Uni
1,660
415
5,615 Every time u see a purchases, calculate new cost per unit
7,265
528
528 15,151
+ Purchase) / Total Units

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