Reference no: EM132043879

A company began an accounting period with 100 units of an item that cost $7.50 each. During the period it purchased 400 units of the item at $9 each and it sold 390 units. In the spaces below give the costs assigned to the ending inventory and to goods sold under each of the three assumptions using periodic inventory procedures.

Using the above information, how to determine the ending inventory and cost of goods sold to the following questions:

1. The costs were assigned on a LIFO basis

2. The costs were assigned on a weighted-average cost basis

3. Costs were assigned on a FIFO basis