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 InventoryThe 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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Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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