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Show calculations for ending inventory and cost of good sold

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Reference no: EM132326442

Question

Wichwich Company sells dozens of products and always uses a periodic inventory system. Below is purchase and sale information for one of their products for the last year.

Purchases Sales

Date Units Unit cost Date Units Selling Price

Beg. Inv. 300 45 1/21 425 70

1/15 450 50 6/15 250 70

4/25 600 55 9/22 775 70

7/10 500 60

Required:

a. Show calculations for Ending Inventory and Cost of Goods Sold using FIFO.

b. Show calculations for Ending Inventory and Cost of Goods Sold using LIFO.

c. Show calculations for Ending Inventory and Cost of Goods Sold using the weighted average method.

Reference no: EM132326442

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