Calculate cost of goods sold and ending inventory and analyze effect of each method on the financial statements
Washington Company had the following sales and purchases during 2009, its first year of business
| January 8 | Purchased 125 units at $100 each |
| February 20 | Sold 75 units at $150 each |
| April 13 | Sold 35 units at $150 each |
| June2 8 | Purchased2 35 units at $105 each |
| August 2 | Sold 175 units at $150 each |
| November 24 | Purchased 140 units at $110 each |
Required
a. Calculate the ending inventory, the cost of goods sold, and the gross profit for the
December 31, 2009, financial statements under each of the following assumptions:
1. FIFO periodic
2. LIFO periodic
3. Weighted average cost periodic
b. How will the differences between the methods affect the income statement and balance sheet for the year?
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