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Compute the cost of goods sold for november

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Problem - Alternative Inventory Methods - Nevens Company uses a periodic inventory system. During November, the following transactions occurred:

Date

Transaction

Units

Cost/Unit

November 1

Balance

500

$3.50

November 8

Sale

350

 

November 13

Purchase

300

4.00

November 21

Purchase

200

5.00

November 28

Sale

150

 

Required -

1. Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions:

a. FIFO

b. LIFO

c. Average cost

2. What can you conclude about the effects of the inventory cost flow assumptions on the financial statements?

Reference no: EM132882749

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