Calculate the value of ending inventory

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Reference no: EM131752127

Floozy uses the period method and had the following inventory events during January:

Date

Units Purchased

Unit Cost

Date

Units Sold

Unit Sales Price

Jan. 1

150

$7.00

Jan. 2

100

$10.00

Jan. 5

225

7.20

Jan. 7

125

10.00

Jan. 10

100

7.50

Jan. 12

75

12.00

Jan. 15

150

7.80

Jan. 17

200

12.50

Jan. 20

200

7.95

Jan. 24

150

15.00

Jan. 25

150

8.00

     

Jan. 30

75

8.20

   

Note: January 1 amount was the beginning inventory and unit value.

(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)

Required:

a. Calculate cost of goods available for sale.

b. Calculate the dollar value of sales.

c. Calculate the value of Ending Inventory and Cost of Good Sold under the following independent assumptions:

1) LIFO method
2) FIFO method
3) Average-cost method

Reference no: EM131752127

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