The beginning inventory was 490 units at a cost of S8 per unit. Goods available for sale during the year were 1,870 units at a total cost of $16,930. In May, 790 units were purchased at a total cost of $7,110. The only other purchase transaction occurred during October. Ending inventory was 835 units. Required: Calculate the number of units purchased in October and the cost per unit purchased in October. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The beginning inventory was 490 units at a cost of $8 per unit. Goods available for sale during the year were 1, 870 units at a total cost of $16,930. In May, 790 units were purchased at a total cost of $7,110. The only other
purchase transaction occurred during October. Ending inventory was 835 units. Required: Calculate the number of units purchased in October and the cost per unit purchased in October. Assume the periodic inventory system
is used. Calculate cost of goods sold and ending inventory using FIFO method. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.
Transcribed Image Text:The beginning inventory was 490 units at a cost of $8 per unit. Goods available for sale during the year were 1, 870 units at a total cost of $16,930. In May, 790 units were purchased at a total cost of $7,110. The only other purchase transaction occurred during October. Ending inventory was 835 units. Required: Calculate the number of units purchased in October and the cost per unit purchased in October. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.
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