Magliori Construction Inc. builds residential villas. The following schedule shows the beginning inventory for October 2011 for 2 X 4 wooden studs and the purchases made throughout the month. The company accounts for inventory monthly on a periodic basis.

At the end of October, the warehouse counted the remaining inventory of wooden studs and found 8200 still in stock.

a) Under the AVCO method, calculate the cost of ending inventory.

b) Under the AVCO method, calculate the cost of goods sold.

c) What is the month-end entry to record cost of goods sold under AVCO?

d) Under the FIFO method, calculate the cost of ending inventory.

e) Under the FIFO method, calculate the cost of goods sold.

f) What is the month-end entry to record cost of goods sold under FIFO?LO1.

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Date Quantity Cost Per Plank 1 Oct. 2011 7800 $3.10 3 Oct. 2011 2000 3.10 7 Oct. 2011 3500 3.12 11 Oct. 2011 4000 3.15 16 Oct. 2011 1500 3.17 25 Oct. 2011 4400 3.18 30 Oct. 2011 1700 3.20