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Q1. Kaleta Company uses a periodic system reports the following for the month of June.
Units
Unit Cost
Total Cost
June 1
Inventory
300
$6
$1,800
12
Purchase
600
7
4,200
23
450
5,400
30
150
Required - Compute of cost of the ending inventory and the cost of goods sold under FIFO and LIFO.
Q2. Linda's Boards sells a snowboard, XPert, that is popular with snowboard enthusiasts. Information relating to Linda's purchase of Xpert snowboarding during September is shown below. During the same month, 254 Epert snowboards were sold. Linda's uses a periodic inventory system.
Date
Explanation
Sept. 1
55
$97
$5,335
Sept. 12
Purchases
95
104
9,880
Sept. 19
42
109
4,578
Sept. 26
105
114
11,970
Totals
297
$31,763
Required - Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
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