Periodic Inventory Cost Flow Method Fresh Wholesale buys peaches from farmers and sells them to canneries. During May 2009, Fresh’s inventory records showed the following:

Fresh Wholesale uses the periodic inventory method to account for its inventory, which means that all sales are assumed to occur at the end of the period no matter when they actually occurred.
Required:
Calculate the cost of goods sold and ending inventory using the following cost flow alternatives.
(Calculate unit costs to the nearest cent.)
1. FIFO 2. LIFO 3. Average cost

Transcribed Image Text:

May 1 Beginning inventory 4 Purchase 9 Sale 13 Purchase 19 Sale 26 Purchase 30 Sale Cases Price 5,100 $10.50 1,210 12.00 1,020 19.65 1,050 12.50 1,750 19.65 2,120 13.00 2,340 19.65