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Problem - The following information is available for Gumbel Company:
Beginning inventory 600 units at $4
First purchase 900 units at $5
Second purchase 500 units at $6
Assume that Gumbel uses a periodic inventory system and that there are 700 units left at the end of the month.
Required -
1. Compute the cost of the ending inventory under the
(a) FIFO method.
(b) LIFO method.
2. Using the information above, compute each of the following under the average cost method:
(a) Cost of the ending inventory.
(b) Cost of goods sold.
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