Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required:a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) Periodic FIFOCost of Goods Available for SaleCost of Goods SoldInventory Balance# of unitsin endinginventoryCost of Goods# ofunitsCost per# of unitsCost perCost ofGoods SoldCost perEndingInventoryAvailable forunitsoldunitunitSaleBeg. Inventory$Purchases:Purchase 1Purchase 2Total$$$ Periodic LIFOCost of Goods Available for SaleCost of Goods SoldInventory Balance# of unitsin endinginventoryCost of Goods# ofunitsCost per# of unitsCost perunitCost perCost ofEndingInventoryAvailable forunitsoldGoods SoldunitSaleBeg. InventoryPurchases:Purchase 1Purchase 2Total

FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…

Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)

Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you please answer the ending inventory and the cost of goods sold for FIFO. Thank you!
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