XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory is 500 units at 5 $ each. Information related to XYZ Company's inventory at October 31 is given below: Alpha CO Date Explanation Units Units Cost Total Cost 10/08 Purchase 800 $ 11 10/15 Purchase 600 $ 14 10/20 Purchase 300 $ 15 Total goods available During the year, 1400 units were sold. Required: Compute the cost of ending inventory and the cost of goods sold under: FIFO method LIFO method The weighted average
XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory is 500 units at 5 $ each. Information related to XYZ Company's inventory at October 31 is given below: Alpha CO Date Explanation Units Units Cost Total Cost 10/08 Purchase 800 $ 11 10/15 Purchase 600 $ 14 10/20 Purchase 300 $ 15 Total goods available During the year, 1400 units were sold. Required: Compute the cost of ending inventory and the cost of goods sold under: FIFO method LIFO method The weighted average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory is 500 units at 5 $ each. Information related to XYZ Company's inventory at October 31 is given below:
Alpha CO |
||||
Date |
Explanation |
Units |
Units Cost |
Total Cost |
10/08 |
Purchase |
800 |
$ 11 |
|
10/15 |
Purchase |
600 |
$ 14 |
|
10/20 |
Purchase |
300 |
$ 15 |
|
|
Total goods available |
|
|
|
During the year, 1400 units were sold. |
Required:
- Compute the cost of ending inventory and the cost of goods sold under:
- FIFO method
- LIFO method
- The weighted average
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