Ending Inventory and COGS calculations

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Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.

Tony Merchandise Company has the following information for the month of February:

Feb. 2

Beginning inventory

20

units

@

$12

per unit

Feb. 5

Purchase

20

units

@

$16

per unit

Feb. 8

Sale

12

units

Feb. 21

Purchase

12

units

@

$18

per unit

Feb. 25

Sale

14

units

Answer the following questions for Tony Merchandise Company:

  1. Calculate the dollar ending inventory if first in, first out (FIFO) is used.
  2. Calculate the cost of goods sold if LIFO is used.
  3. Calculate the dollar ending inventory if weighted average is used.
  4. According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.
  5. Discuss the consequences of selecting one method instead of others.