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COB 241 Sections 3, 4, 5

This article presents the cost of goods sold and ending inventory figures under FIFO, LIFO, and weighted average costing methods. It also includes the purchase journal entries and gross margin calculations for each method.

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COB 241 Sections 3, 4, 5

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  1. COB 241Sections 3, 4, 5 Unit 13 Selected Check Figures from Homework Assignment 12

  2. Check Figures for Exercise 5-2A

  3. Check Figures for Exercise 5-3A Cost of Goods Sold under FIFO: $17,640 Ending Inventory under FIFO: $12,960 Cost of Goods Sold under LIFO: $19,160 Ending Inventory under LIFO: $11,440 Cost of Goods Sold under weighted average: $18,360 Ending Inventory under weighted average: $12,240

  4. Check Figures for Exercise 5-5A Ending Inventory FIFO: $2,260 LIFO: $1,280 Weighted Average: $1,682 The purchase journal entries will be the same for ALL THREE costing methods.

  5. Check Figures for Exercise 5-5A (continued)

  6. Check Figures for Exercise 5-5A (continued) Gross Margin under FIFO: $8,270 Gross Margin under LIFO: $7,290 Difference: $8270 - $7,290 = $980

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