# I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions. The following transactions occurred for the month of May.  Date  UnitsCostTotalSales Price1-MayBeginning Balance6513\$845 2-MayPurchase 7514\$1,050 3-MayPurchase 7016\$1,120 10-MaySale 100  \$3015-MayPurchase 4017\$680 17-MaySale 45  \$3030-MaySale 100  \$30 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages.   Do not round the unit cost.  Do round total costs to the nearest cent on each transaction.End of the month totalsCost of Goods Sold\$Ending Inventory\$Gross Profit\$

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I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions.

The following transactions occurred for the month of May.

 Date Units Cost Total Sales Price 1-May Beginning Balance 65 13 \$845 2-May Purchase 75 14 \$1,050 3-May Purchase 70 16 \$1,120 10-May Sale 100 \$30 15-May Purchase 40 17 \$680 17-May Sale 45 \$30 30-May Sale 100 \$30

Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages.   Do not round the unit cost.  Do round total costs to the nearest cent on each transaction.

End of the month totals

 Cost of Goods Sold \$ Ending Inventory \$ Gross Profit \$
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Step 1

Weighted Average method is used to calculate COGS (Cost of goods sold) and inventory when it is difficult to identify the track of LIFO or FIFO inventory layers.

While using the weighted average method, divide the total cost of good available for sale by the total number of units available for sale, which provides the weighted-average cost per unit. To calculate the cost of goods available for sale the sum of beginning inventory is taken along with net purchases. Weighted-average figure can be used to assign a cost to both ending inventory and the cost of goods sold.

Step 2

Cost of goods sold= 1,435.71+2,183.97

= \$ 3619.68

Gross Profit= Sales - Cogs

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