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    tracyleerich's Avatar
    tracyleerich Posts: 3, Reputation: 1
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    #1

    Feb 26, 2009, 10:25 AM
    Periodic inventory system
    The following units are available for sale during the year:

    January 1-Beginning Inventory 10 units @ $110
    April 21-Purchases 18 units @ $120
    August 15-Purchases 15 units @ $125
    November 20-Purchases 12 units @ $128
    December 31-Ending Inventory 14 units

    Assuming a periodic inventory system is used, determine the inventory cost and cost of merchandise sold by three methods using the following format.

    Please figure the cost of goods sold and the cost of the ending inventory for (a)FIFO,(b)LIFO,and(c) Average Cost
    (round answers to nearest dollar)
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Mar 1, 2009, 12:04 PM

    Do your work first, then if you have a question we will try to help you. Use your textbook to work this out yourself.
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