FIFO, LIFO, and Average Cost Calculations (Periodic Inventory Method)

The following transactions took place with respect to Model B computers in Jackson’s Computer Store during November 2009:

Assuming the periodic inventory method, compute cost of goods sold and ending inventory using the following inventory costing alternatives:

(a) FIFO,

(b) LIFO, and

(c) average cost.

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Nov. 1 Beginning inventory 60 computers at $1,350 5 Purchase of Model B computers 14 computers at $1,400 11 Purchase of Model B computers 12 computers at $1,500 24 Purchase of Model B computers 18 computers at $1,750 30 Sale of Model B computers 40 computers at $2,700