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Calculate the number of units purchased in october

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Reference no: EM13890973

Cost flow assumptions-FIFO and LIFO using a periodic system The be- ginning inventory was 300 units at a cost of $10 per unit. Goods available for sale during the year were 1,300 units at a total cost of $14,400. In May, 600 units were purchased at a total cost of $6,600. The only other purchase transaction occurred dur- ing October. Ending inventory was 550 units.

Required:

a. Calculate the number of units purchased in October and the cost per unit pur- chased in October.

b. Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):

1. FIFO

2. LIFO

Reference no: EM13890973

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