DateExplanation Units Unit CostTotal CostSept. 1Inventory15$80$1,20012Purchase4545823,69019Purchas50844,20026Purchase20851,700Total130$10,790Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.Ending inventory at September30$FIFO2,120$LIFO2,020$Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.FIFOCost of goods sold$8,670$LIFO8,770$AVERAGE-COSTAVERAGE-COST8,7152,075

Name: DateExplanation Units Unit CostTotal CostSept. 1Inventory15$80$1,2001
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Description: DateExplanation Units Unit CostTotal CostSept. 1Inventory15$80$1,20012Purchase4545823,69019Purchas50844,20026Purchase20851,700Total130$10,790Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.Ending inventory

Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…

Business

Accounting

Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $80 $1,200 12 Purchase 45 82 3,690 19 Purchas 50 54 84 4,200 26 Purchase 20 85 1,700 Total 130 $10,790 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.

Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $80 $1,200 12 Purchase 45 82 3,690 19 Purchas 50 54 84 4,200 26 Purchase 20 85 1,700 Total 130 $10,790 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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