Carrington Inc. reported the following information for the month of August: Inventory, August 1 64 units $18 Purchase: 47 units@ $20 67 units @ $22 40 units @ $23 August 7 August 18 August 27 During August, Carrington sold 141 units. The company uses a periodic inventory system. A Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption 1. Of the 141 units sold, 54 cost $18, 33 cost $20, 50 cost $22, and 4 cost $23. 2. FIFO 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)) Cost of Goods Sold
Carrington Inc. reported the following information for the month of August: Inventory, August 1 64 units $18 Purchase: 47 units@ $20 67 units @ $22 40 units @ $23 August 7 August 18 August 27 During August, Carrington sold 141 units. The company uses a periodic inventory system. A Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption 1. Of the 141 units sold, 54 cost $18, 33 cost $20, 50 cost $22, and 4 cost $23. 2. FIFO 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)) Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Inventory Costing Methods
Carrington Inc. reported the following information for the month of August:
Inventory, August 1
64 units $18
Purchase:
August 7
August 18
August 27
During August, Carrington sold 141 units. The company uses a periodic inventory system.
47 units@ $20
67 units @ $22
40 units @ $23
Required:
What is the value of ending inventory and cost of goods sold for August under the following assumptions.
Assumption
1. Of the 141 units sold, 54 cost $18, 33 cost $20, 50 cost $22, and 4 cost $23.
2. FIFO
3. LIFO
4. Weighted average method (Round average unit cost to the nearest cent,
and round all other calculations and your final answers to the nearest dollar.).
Cost of Goods Sold
10VAL
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