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Compute inventory on July

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Question - A) The Alpha company uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2020 are given below:

July 01: Beginning inventory, 625 units @ $32 per unit.

July 18: Inventory purchased, 775 units @ $36 per unit.

July 25: Inventory purchased, 580 units @ $39 per unit.

The Delta company sold 1,375 units during the month of July.

Required - Compute inventory on July 31, 2020 and cost of goods sold for the month of July using following inventory costing methods:

First in, first out (FIFO) method

Last in, first out (LIFO) method

B) What is the impact of valuing the Inventory under each of the methods for the above organization?

Reference no: EM133025260

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