Sales during the year were 545 units. Beginning inventory was 430 units at a cost of $6 per unit. Purchase 1 was 215 units at $7 per unit. Purchase 2 was 115 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. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory custom cost of goods sold and nding inventory veina LIFO method
Sales during the year were 545 units. Beginning inventory was 430 units at a cost of $6 per unit. Purchase 1 was 215 units at $7 per unit. Purchase 2 was 115 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. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory custom cost of goods sold and nding inventory veina LIFO method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sales during the year were 545 units. Beginning inventory was 430 units at a cost of $6 per unit. Purchase 1 was 215 units at $7 per
unit. Purchase 2 was 115 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.
b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required A Required B
Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.
Note: Enter all values as a positive value.
Periodic LIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Inventory Balance
Cost of
Number
of units
Cost
per
Number
Cost
Goods
of unite
per
Cost of
Goods
Available
unit
sold
unit
for Sale
Sold
Number of
units in
ending
Inventory
Cost
per
unit
Ending
Inventory
Beginning Inventory
430
S
6 S
2,580
Purchases:
Purchase 1
215
70
1,505
215
7
1,505
0
Purchase 2
115 ✔
8 ☑
920
115 →
8
920
0
Total
760
S
5,005
330
$ 2,425
0
S
0
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