Swifty Company had a beginning inventory on January 1 of 200 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 430 units July 20 220 units at $22 $22 at Sept. 4 Dec. 2 300 units 100 units at $24 $29 at Swifty Company uses a periodic inventory system. Sales totaled 1,040 units.
Swifty Company had a beginning inventory on January 1 of 200 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 430 units July 20 220 units at $22 $22 at Sept. 4 Dec. 2 300 units 100 units at $24 $29 at Swifty Company uses a periodic inventory system. Sales totaled 1,040 units.
Chapter1: Financial Statements And Business Decisions
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![Swifty Company had a beginning inventory on January 1 of 200 units of Product 4-18-15 at a cost of $20 per unit. During the year,
purchases were as follows.
Mar. 15
430 units
at
July 20 220 units at
$22
$22
Sept. 4
Dec. 2
300 units
100 units
at $24
$29
at
Swifty Company uses a periodic inventory system. Sales totaled 1,040 units.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd023585-0921-4d93-92ad-b5e94266f88f%2Fcb510f73-da88-44dc-8cae-55fc564397d9%2Fnj5ju09_processed.png&w=3840&q=75)
Transcribed Image Text:Swifty Company had a beginning inventory on January 1 of 200 units of Product 4-18-15 at a cost of $20 per unit. During the year,
purchases were as follows.
Mar. 15
430 units
at
July 20 220 units at
$22
$22
Sept. 4
Dec. 2
300 units
100 units
at $24
$29
at
Swifty Company uses a periodic inventory system. Sales totaled 1,040 units.
![Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and
average-cost). (Round answers to 0 decimal places, e.g. 1,250.)
The ending inventory
The cost of goods sold
eTextbook and Media
$
FIFO
5100
23300
A
LA
LIFO
LA
AVERAGE-COST](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd023585-0921-4d93-92ad-b5e94266f88f%2Fcb510f73-da88-44dc-8cae-55fc564397d9%2Fd7qfqzs_processed.png&w=3840&q=75)
Transcribed Image Text:Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and
average-cost). (Round answers to 0 decimal places, e.g. 1,250.)
The ending inventory
The cost of goods sold
eTextbook and Media
$
FIFO
5100
23300
A
LA
LIFO
LA
AVERAGE-COST
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for ending inventory and cost of goods sold using FIFO
VIEWStep 3: Working for ending inventory and cost of goods sold using LIFO
VIEWStep 4: Working for ending inventory and cost of goods sold using Weighted Average Method
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