Reference no: EM132801706
Question - The Company uses a periodic inventory system to account for ending inventory and cost of goods sold. During the year, the company had the following transactions:
The company uses a periodic inventory system to account for ending inventory and cost of goods sold. During the year, the company had the following transactions:
Jan. 1
Beginning inventory 60 units @ $105=$6,300
Feb. 8
Purchase 30 units @ $115=$3,450
Sept. 11
Purchase 90 units @ $125= $11,250
Nov. 23
Purchase 20 units @ $135=$2,700
Total available for sale 200 units $23,700
At the end of the year, the company had 65 units on hand.
Required - 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 ending inventory at 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?
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