UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
UMET's Stores had the following inventory transactions in 2020:
Transaction Units Cost per unit
1/1 Balance 50 $6
2/14 Sale 25
5/23 Purchase 100 8
8/21 Sale 50
11/5 Purchase 25 12
11/18 Sale 95
Required:
Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions:
a. FIFO
b. LIFO
c. Weighted average
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