Tyler Sporting Equipment uses the periodic inventory system and had the following inventory figures for its Cameron Glove Model during 20X1 as shown below. Beginning Inventory, January 1, 20x1 Purchases: January 18 March 3 June 30 October 18 Ending Inventory, December 31, 20X1 # Units Unit Cost 54 $ 27 38 43 48 54 13 28 28 26 27 1. What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the FIFO method. 2. What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method. 3. What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the average cost method. (Do not round your intermediate calculations. Round your answers to 2 decimal place.)
Tyler Sporting Equipment uses the periodic inventory system and had the following inventory figures for its Cameron Glove Model during 20X1 as shown below. Beginning Inventory, January 1, 20x1 Purchases: January 18 March 3 June 30 October 18 Ending Inventory, December 31, 20X1 # Units Unit Cost 54 $ 27 38 43 48 54 13 28 28 26 27 1. What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the FIFO method. 2. What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method. 3. What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the average cost method. (Do not round your intermediate calculations. Round your answers to 2 decimal place.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Tyler Sporting Equipment uses the periodic inventory system and had the following inventory
figures for its Cameron Glove Model during 20X1 as shown below.
Beginning Inventory, January 1, 20x1
Purchases:
January 18
March 31
June 30
October 18
Ending Inventory, December 31, 20X1
# Units
54
38
43
Ending inventory
Cost of goods sold
48
54
13
1. What is the cost of the ending inventory and the cost of goods sold? Assume the company
utilizes the FIFO method.
FIFO
Unit Cost
$ 27
2. What is the cost of the ending inventory and the cost of goods sold? Assume the company
utilizes the LIFO method.
LIFO
3. What is the cost of the ending inventory and the cost of goods sold? Assume the company
utilizes the average cost method.
28
28
26
27
(Do not round your intermediate calculations. Round your answers to 2 decimal place.)
Average cost
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