Reference no: EM132571532

Question - Guna Trading Company has the following inventory data during the year 2011 G.C

July 1 Inventory 100 units @ $10 per unit

October 10 Purchase 200 units @ $20 per unit

January 15 Purchase 300 units @ $30 per unit

June 20 Purchase 400 units @ $40 per unit

Assume the physical count made on June 30 reveals that 800 of the 1000 units have been sold.

Required -

A. Using Periodic FIFO, determine

1. The number of units available for sale

2. The number of units on hand

3. The cost of goods available for sale

4. The cost of ending inventory

5. The cost of goods sold

B. Using LIFO, determine

1. The cost of ending inventory

2. The cost of goods sold

C. Using Average Cost method, determine

1. The cost of ending inventory

2. The cost of goods sold