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Determine the cost of goods available for sale

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Reference no: EM131804930

Pearl Industries had a beginning inventory of 93 units of Product RST at a cost of $8 per unit. During the year, purchases were:

Feb. 20 589 units at $9 Aug. 12 425 units at $11
May 5 480 units at $10 Dec. 8 92 units at $12

Pearl Industries uses a periodic inventory system. Sales totaled 1,525 units.

(a) Determine the cost of goods available for sale.

(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)

(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)

Reference no: EM131804930

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