Compute ending inventory using the fifo periodic system

Reference no: EM131533228

Question: A company reports the following beginning inventory and purchases, and it ends the period with 30 units in inventory

Beginning inventory . . . . . . . . . . 100 units at $10 cost per unit

Purchase 1 . . . . . . . . . . . . . . . . . . 40 units at $12 cost per unit

Purchase 2 . . . . . . . . . . . . . . . . . . 20 units at $14 cost per unit

a. Compute ending inventory using the FIFO periodic system.

b. Compute cost of goods sold using the LIFO periodic system.

Reference no: EM131533228

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