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Determine the cost of goods sold

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Question: Fulbright Corp. uses the periodic inventory system. It's beginning inventory had 10 units @ $100, and they made the following purchases, during the year. (listed in chronological order of acquisition):

  • 40 units at $120
  • 70 units at $125
  • 80 units at $130

The sales in units was 120 at $ 180.00 per unit.

Determine the Cost of Goods Sold, Ending Inventory, and Gross Profit for the following 3 methods

FIFO

LIFO

Reference no: EM131565092

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