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Determine furn cost of goods sold and ending inventory

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Question - The Furn Store sells home furnishings, including bean bag chairs. Here is the first quarter information for bean bag chairs:

Date

Number of Items

Cost per Item

January 1 (Beginning Balance)

16

$19

January 17 Purchased

5

20

February 10 Purchased

12

21

March 1 Purchased

11

22

Bean bag chairs sold = 29

Required -

1. Determine Furn's cost of goods sold and ending inventory under periodic FIFO.

2. Determine Furn's cost of goods sold and ending inventory under periodic LIFO.

Reference no: EM133108817

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