Calculate cost of goods sold and ending inventory using fifo

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Reference no: EM133497311

Case: Cost flow assumptions-FIFO and LIFO using a periodic system LO 5-7, 5-8

Sales during the year were 545 units. Beginning inventory was 430 units at a cost of $6 per unit. Purchase 1 was 215 units at $7 per unit. Purchase 2 was 115 units at $8 per unit.

Required:

Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method.

Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.

Reference no: EM133497311

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