Lombart Company uses a periodic inventory system. Its records show the following for the month of April, with 25 units on hand at April 30:

Instructions
(a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and average cost formula.
(b) Prove the cost of goods sold calculations.

Transcribed Image Text:

Total Cost $240 495 180 915 UnitsUnit Cost April Inventory 30 45 15 90 $ 8 12 Purchases 16 Purchases Total 12