psmin0314
Oct 18, 2009, 02:28 PM
Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $11.28 per unit.
During the year, purchases were:
Feb. 20 600 units @ $12.09
May 5 500 units @ $12.92
Aug. 12 300 units @ $13.79
Dec. 8 200 units @ $14.75
Eddings Company uses a periodic inventory system. Sales totaled 1,500 units
Determine the ending inventory, and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average).
(Round the unit cost in the average cost method to 3 decimal places, e.g. 2.250. Round final answers to 0 decimal places, e.g. 125.)
FIFO LIFO Average Cost
Ending Inventory ( ) ( ) ( )
Cost of Goods Sold ( ) ( ) ( )
During the year, purchases were:
Feb. 20 600 units @ $12.09
May 5 500 units @ $12.92
Aug. 12 300 units @ $13.79
Dec. 8 200 units @ $14.75
Eddings Company uses a periodic inventory system. Sales totaled 1,500 units
Determine the ending inventory, and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average).
(Round the unit cost in the average cost method to 3 decimal places, e.g. 2.250. Round final answers to 0 decimal places, e.g. 125.)
FIFO LIFO Average Cost
Ending Inventory ( ) ( ) ( )
Cost of Goods Sold ( ) ( ) ( )