Comprehension Problems CP 6‐1
Laplante Inc. uses the perpetual inventory system. The following
transactions took place during January 2019
Date

Units
Unit
Cost
Jan. 1 Opening Inventory 100 $1
7 Purchase #1 10 2
9 Sale #1 80
21 Purchase #2 20 3
24 Sale #2 40
Required: Using the table below, calculate cost of goods sold for the
January 9 and 24 sales, and ending inventory under the following
inventory cost flow assumptions:
1. FIFO
2. LIFO
2. Weighted average.
Purchased Sold Balance in Inventory
Date
Units
Unit
Cost
Total
$ Units
Unit
Cost
Total
$ Units
Unit
Cost
Total
$
Jan. 1 100 $1 $100
7
9
21
2