Using the periodic inventory system, calculate the ending inventory and the Cost of Goods Sold under each of the following methods. Beginning Inventory Purchases 10 units @ $1 = $ 10 20 units @ $2 = $ 40 30 units @ $3 = $ 90 40 units @$4 = $160 100 units $300 Ending Inventory A) FIFO Periodic B) LIFO Periodic C) Weighted Average 20 units

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar...
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Using the periodic inventory system, calculate the ending inventory and the Cost of Goods Sold under
each of the following methods.
Beginning Inventory
Purchases
10 units @ $1 = $ 10
20 units @ $2 = $ 40
30 units @ $3 = $ 90
40 units @$4 = $160
100 units
$300
Ending Inventory
A) FIFO Periodic
B) LIFO Periodic
C) Weighted Average
20 units
Transcribed Image Text:Using the periodic inventory system, calculate the ending inventory and the Cost of Goods Sold under each of the following methods. Beginning Inventory Purchases 10 units @ $1 = $ 10 20 units @ $2 = $ 40 30 units @ $3 = $ 90 40 units @$4 = $160 100 units $300 Ending Inventory A) FIFO Periodic B) LIFO Periodic C) Weighted Average 20 units
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