Module 4: LIFO Versus FIFO Assignment
LIFO Versus FIFO
Wilson Lawn & Garden sells lawn and garden equipment and products, including 50-pound bags of fertilizer.
Use the following information to determine the cost of goods sold and the value of the ending inventory of
fertilizer bags under each of the designated cost flow assumptions. Wilson uses a periodic inventory system.
DATE
PER UNIT
TOTAL
June 1 Balance
300 bags at $10 per
bag
$ 3,000
June 10 Sold
200 bags at $24 per
bag
$ 4,800
June 11 Purchased
800 bags at $12 per
bag
$ 9,600
June 15 Sold
500 bags at $25 per
bag
$ 12,500
June 20 Purchased
500 bags at $13 per
bag
$ 6,500
June 27 Sold
300 bags at $27 per
bag
$ 8,100
LIFO Cost of Goods Sold During June:
June 30 Ending Inventory Value:
FIFO Cost of Goods Sold During June:
June 30 Ending Inventory Value:
Inventory (in Units)
300 bags
Module 4: LIFO Versus FIFO Assignment
Units LIFO $ FIFO $
Beginning Inventory
+ Purchases ________ _________ _________
Available for Sale
-Ending Inventory ________ _________ _________
