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Question - Shown below is activity for one of the products of Innodine:
January 1 balance, 240 units @ $54 for a total of $12,960
Purchases: January 10 - 210 units @ $45; January 20 420 units @ $52
Sales: January 12 375 units; January 28 435 units
TOTAL COSTS $106,750
Required -
a. Compute the ending inventory and cost of goods sold assuming Innodine uses FIFO.
b. Compute the ending inventory and cost of goods sold assuming Innodine uses LIFO and a perpetual inventory system.
c. Compute the ending inventory and cost of goods sold assuming Innodine uses average cost and a perpetual inventory system.
d. Compute the ending inventory and cost of goods sold assuming Innodine uses average cost and a periodic inventory system.
e. Compute the ending inventory and cost of goods sold assuming Innodine uses LIFO and a periodic inventory system.
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