Ask Me Help Desk - Compute inventory cost of goods sold using periodic FIFO and LIFO

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Compute inventory cost of goods sold using periodic FIFO and LIFO

Thompson sells a basketball, NBA, that is popular with basketball players. Below is information relating to Thompson's purchases of NBA baskeballs during September. During the same month, 118 NBA baskeballs were sold. Thompson uses a periodic inventory system.

Sept 1 Inventory 15 $97 $1,358
Sep 11 Purchases 30 102 $4,590
Sept 19 Purchase 20 104 $2,080
Sept 26 Purchases 40 105 5,250

105 13,278

1394190

I am not sure what that answer is supposed to mean, but go to the top of this forum and read the guidelines (linked at the red print) for posting homework - those answering homework need to know them as well.

Also watch the dates - it's very easy to drag up old threads around this place so be careful when using the search, etc. Better to only answer those on the last pages in the forum itself, where the recent posts will be.

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