Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 190 units of Product A @ $1,600 total cost 5 Purchased 210 units of Product A @ $2,116 total cost 8 Purchased 310 units of Product A @ $4,416 total cost 11 Sold 260 units of Product A Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first- out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar.
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 190 units of Product A @ $1,600 total cost 5 Purchased 210 units of Product A @ $2,116 total cost 8 Purchased 310 units of Product A @ $4,416 total cost 11 Sold 260 units of Product A Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first- out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Inventory Costing Methods-Periodic
Method Archer Company is a retailer that
uses the periodic inventory system. August
1 Beginning inventory 190 units of Product
A @ $1,600 total cost 5 Purchased 210 units
of Product A @ $2,116 total cost 8
Purchased 310 units of Product A @ $4,416
total cost 11 Sold 260 units of Product A
Calculate the August cost of goods sold
and the ending inventory at August 31
using (a) first-in, first-out, (b) last-in, first-
out, and (c) the weighted-average cost
methods. Do not round until your final
answers. Round your final answers to the
nearest dollar.
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