Solution-Compute the cost of goods sold

Compute the cost of goods sold

Reference no: EM133092461

Question - Gala, Inc. uses a periodic inventory system and had the following inventory balances and purchases:

Date	Quantity	Unit Cost
Beginning Inventory	60.00	$9.00
January 15th purchase	240.00	$13.00
Total on Hand	300.00

On January 24, 2020, Galaga, Inc. sold 10 units of this product for $15 each. Using the average cost, FIFO and LIFO methods of inventory compute (1) the cost of goods sold, and (2) the cost of the ending inventory for each of the three methods.

Reference no: EM133092461

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Compute the cost of goods sold

Reference no: EM133092461

Reference no: EM133092461

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