Addison Company, using the periodic inventory system, began the year with 220 units of product B in

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Addison Company, using the periodic inventory system, began the year with 220 units of product B in inventory with a unit cost of $39. The following additional purchases of the product were made:

Apr. 1

320 units @ $41 each

July 5

410 units @ 56 each

Aug. 15

470 units @ 64 each

Nov. 20

160 units @ 76 each


At the end of year, Addison Company had 450 units of its product unsold. Calculate the cost of ending inventory as well as cost of goods sold by the

(a) FIFO,

(b) LIFO,

(c) Weighted-average methods. (Round the weighted average to the nearest cent.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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