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* Here are the entries to record the purchases and sales. All purchases and sales are made on credit. The selling price of inventory was $130 on August 14th and $150 on August 31st. The numbers in red were determined using LIFO. * When using weighted average, we assign the average cost of the goods available for sale to cost of goods sold. The average cost is determined by dividing the cost of goods available for sale by the units on hand. * First, we need to compute the weighted average cost of the items in inventory. We do this by dividing the cost of goods available for sale of $2,500 by the total units in inventory of $25. The average cost per unit is $100. * The Cost of Goods Sold for August 14th is $2,000. After this sale, there are 5 units in inventory at an average cost of $100 each. * The company will divide the cost of goods available for sale of $3,990 by the total units in inventory of 35. The average cost per unit is $114. * The Cost of Goods Sold for August 31st is $2,622. After this sale, there are 12 units in inventory at an average cost of $114 per unit. ? * Here are the entries to record the purchases and sales. All purchases and sales are made on credit. The selling price of inventory was $130 on August 14th and $150 on August 31st. The numbers in red were determined using the weighted average method. * This slide presents a comparison of the impact on the income statement of using the different inventory costing methods. Everything is the same in each example, except the amount of Cost of Goods Sold, and its flow through effects on Income Before Taxes, Income Tax Expense, and Net Income. Specific Identification provides the most accurate cost of goods sold amount. But, this method is very costly to use. In periods of rising prices, of the other three methods, FIFO will provide the lowest Cost of Goods Sold amount. This is because it uses the older costs which tend to be lower to arrive at this amount. LIFO will provide the hig
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