Lucas corporation uses the periodic inventory system and

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Lucas Corporation uses the periodic inventory system and the following information about their laptop computer is available:

Date

Transaction

Number of Units

Cost per Unit

1/1

Beginning Inventory

50

$ 300

5/5

Purchase

200

$ 320

8/10

Purchase

300

$ 350

10/15

Purchase

200

$ 360

During the year, 600 laptop computers were sold.

  1. What was ending inventory under the FIFO cost flow assumption?
  2. What was Cost of Goods Sold under the LIFO cost flow assumption?
  3. What was Cost of Goods Sold under the Weighted Average cost flow assumption?

Reference no: EM13575789

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