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Compute for the cost of goods sold under weighted average

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Reference no: EM133002073

Meme Company uses periodic inventory system. Its inventory records revealed the following data for the month of June 2017:

June 1, 2017 inventory:

2,000 gallons at $72.00 per gallon.

Purchases:
June 9: 1,200 gallons @ $74.00
June 15: 1,600 gallons @ $76.00
June 21: 1,200 gallons @ $78.00

Sales:
June 6: 800 gallons
June 13: 1,400 gallons
June 24: 1,000 gallons
June 27: 1,400 gallons

Problem a: Based on the above data, compute for the following: (Round unit cost to two decimal places)

1. Ending inventory under FIFO
2. Ending inventory under LIFO
3. Cost of goods sold under Weighted Average

Reference no: EM133002073

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