Glencoe Accounting

Chapter 25: Inventories

Homework Practice

Calculating Ending Inventory and Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

January 1

Beginning inventory

6 units @ $30

February 15


12 units @ $32

June 30


14 @ $35

November 26


8 @ $36

There are 10 units of the item in the physical inventory on December 31.


Download the 2-column stationery form by clicking on Accounting Forms from the Student Center. Determine the cost of ending inventory and the cost of merchandise sold under the following inventory methods:

  1. FIFO
  2. LIFO
  3. Weighted-Average

Round all answers to the nearest cent.

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