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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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