## Answers

Ans. 1 | Periodic Average cost method: | |||||||||

Available for sale | ||||||||||

Date | Units | Rate | Total | |||||||

01-Sep | 8000 | $10.00 | $80,000 | |||||||

07-Sep | 6000 | $10.70 | $64,200 | |||||||

25-Sep | 16000 | $10.90 | $174,400 | |||||||

Cost of goods available for sale | 30000 | $318,600 | ||||||||

Average cost per unit = Total cost of goods available for sale / Total units available | ||||||||||

$318,600 / 30,000 | ||||||||||

$10.62 | per unit | |||||||||

Ending inventory = Average cost per unit * Ending inventory units | ||||||||||

$10.62 * 14,000 | ||||||||||

$148,680 | ||||||||||

Cost of goods sold = Total cost of goods available for sale - Ending inventory | ||||||||||

$318,600 - $148,680 | ||||||||||

$169,920 | ||||||||||

Ans. 2 | Perpetual Weighted Average method: | |||||||||

Purchase | Cost of goods sold | Balance | ||||||||

Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |

01-Sep | 8000 | $10.00 | $80,000 | 8000 | $10.00 | $80,000 | ||||

07-Sep | 6000 | $10.70 | $64,200 | 14000 | $10.30 | $144,200 | ||||

10-Sep | 6000 | $10.30 | $61,800 | 8000 | $10.30 | $82,400 | ||||

25-Sep | 16000 | $10.90 | $174,400 | 24000 | $10.70 | 256800 | ||||

29-Sep | 10000 | $10.70 | $107,000 | 14000 | $10.70 | $149,800 | ||||

Total | Cost of goods sold | $168,800 | Ending inventory | $149,800 | ||||||

*Weighted average rate is calculated by using the formula of (Total available balance / Total units available). | ||||||||||

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