Princess Company uses a periodic inventory system. The company's records for the month of February were as follows: After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO methods.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Princess Company uses a periodic inventory system. The company's records for the month of February were as follows:

After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO methods.

Units Unit Cost Total Cost
Date
February 1 Inventory 10
February 8 Purchase
February 17 Purchase
February 28 Purchase
$12
$120
90
14
1,260
35
15
525
20
16
320
Total
155
$2,225
146 units were sold in February.
Transcribed Image Text:Units Unit Cost Total Cost Date February 1 Inventory 10 February 8 Purchase February 17 Purchase February 28 Purchase $12 $120 90 14 1,260 35 15 525 20 16 320 Total 155 $2,225 146 units were sold in February.
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