Valuation of inventory using fifo and lifo methodsall-pages

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Valuation of Inventory using FIFO and LIFO methods.

All-Pages Book Company reports the following inventory transactions during the current month:

Date

Event

Number of Units

Unit Cost

Total Cost

1st

Beg. Inventory

200

$12

$2,400

8th

Purchase

600

14

8,400

13th

Sale

400

 

 

24th

Purchase

200

16

3,200

30th

Sale

400

 

 

Required: 
Fill in the following table using the periodic inventory system approach:

 

FIFO

LIFO

Ending Inventory 

 

 

Cost of Goods Sold 

 

 

 

 

 

Reference no: EM13356589

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