Inventory Costing Methods—Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ $9 per unit 10 Purchased 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Answer Cost of Goods Sold: Answer B. Last-in, first-out: Ending Inventory Answer Cost of Goods Sold: Answer C. Weighted-average cost: Ending Inventory Answer Cost of Goods Sold Answer
Inventory Costing Methods—Periodic Method The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ $9 per unit 10 Purchased 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Answer Cost of Goods Sold: Answer B. Last-in, first-out: Ending Inventory Answer Cost of Goods Sold: Answer C. Weighted-average cost: Ending Inventory Answer Cost of Goods Sold Answer
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
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Inventory Costing Methods—Periodic Method
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:
| July | 1 | Beginning inventory | 30 | units @ | $9 | per unit |
| 10 | Purchased | 50 | units @ | $11 | per unit | |
| 15 | Sold | 60 | units | |||
| 26 | Purchased | 25 | units @ | $13 | per unit |
Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.
Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar.
| A. | First-in, First-out: | |
| Ending Inventory | Answer
|
|
| Cost of Goods Sold: | Answer
|
|
| B. | Last-in, first-out: | |
| Ending Inventory | Answer
|
|
| Cost of Goods Sold: | Answer
|
|
| C. | Weighted-average cost: | |
| Ending Inventory | Answer
|
|
| Cost of Goods Sold | Answer
|
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