What is inventory cost?

Using FIFO/LIFO/Weighted Average to find ending inventory/cost of goods?

• Using FIFO/LIFO/Weighted Average to find ending inventory/cost of goods? How would you go about finding ending inventory cost and cost of goods from information below one for weighted average/fifo/lifo. Beginning Inventory 200 Unit Cost $10 Purchases in monthly order 300/$11 400/$12 250/$13 150/$15 During the year, Carter sold 1,000 units. It uses a periodic inventory system. So far for weighted average I have in order 200= .05 300= .036 400=.03 250= .052 150 = .1 for an added weighted total of 321.6 (counting beginning inventory wasn't sure if i was supposed to add that in or not.) So for ending inventory we have 1200-1000 for 200 so the cost would be .05 each correct? and how do I get cost of goods from that exactly? For FIFO I know i am supposed to use the last two $15/$13 then get cost of goods for all 4 and LIFO is the first two the 10 and 11. Not sure where I go exactly mathematically with the information. need something step-step.

• Answer:

  FIFO First in First out 300x11 + 400x12+ 250x13+ 50x15 LIFO 150x15+ 250x13+ 400x12+ 200x11