Reference no: EM132869482

Question - The company uses a periodic inventory system to account for ending inventory and cost of goods and sold. During the year, the year, the company had the following transactions:

Jan. 1. Beginning inventory 60 units @ $105 = $6300.

Feb. 8. Purchase 30 units @ $115 = $3450.

Sept. 11. Purchase 90 units @ $125 =$11250.

Nov. 23. Purchase 20 units @ $135 = $2700.

Total available for sale 200 units $23700.

At the end of the year, the company had 65 units on hand. Answer the following questions based on the scenario above:

1. What is the cost of ending inventory at December 31 under periodic average cost?

2. What is the cost of the ending inventory December 31 under periodic FIFO?

3. What is the cost of ending inventory at December 31 under periodic LIFO?

4. What amount of cost of goods sold is reported on the income statement using periodic average cost?

5. What amount of cost of goods sold is reported on the income statement using periodic FIFO?

6. What amount of cost of goods sold is reported on the income statement using periodic LIFO?