Exercise 6-63 (Algorithmic) Inventory Costing Methods: Periodic Inventory System (Appendices 68) The inventory accounting records for Roth Corporation contained the following data: Beginning inventory Purchase 1, Feb. 26 Sale 1, March 9 Purchase 2, June 14 Sale 2, Sept. 22 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decim places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold 400 units at $12 each 2,300 units at $14 each 2,500 units at $27 each 2,200 units at $15 each 2,100 units at $29 each
Exercise 6-63 (Algorithmic) Inventory Costing Methods: Periodic Inventory System (Appendices 68) The inventory accounting records for Roth Corporation contained the following data: Beginning inventory Purchase 1, Feb. 26 Sale 1, March 9 Purchase 2, June 14 Sale 2, Sept. 22 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decim places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold 400 units at $12 each 2,300 units at $14 each 2,500 units at $27 each 2,200 units at $15 each 2,100 units at $29 each
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 6-63 (Algorithmic)
Inventory Costing Methods: Periodic Inventory System (Appendices 68)
The inventory accounting records for Roth Corporation contained the following data:
Beginning inventory
Purchase 1, Feb. 26
Sale 1, March 9
Purchase 2, June 14
Sale 2, Sept. 22
Required:
Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal
places for per-unit calculations and round all other numbers to the nearest dollar.)
FIFO
LIFO
Average cost
Cost of ending inventory
Cost of goods sold
400 units at $12 each
2,300 units at $14 each
2,500 units at $27 each
2,200 units at $15 each
2,100 units at $29 each
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