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(3 points) Causwell Company began 2013 with 12,000 units of inventory on hand. The cost of each unit was $5.00. During 2013 an additional 28,000

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(3 points) Causwell Company began 2013 with 12,000 units of inventory on hand. The cost of each unit was $5.00. During 2013 an additional 28,000 units were purchased at a single unit cost, and 10,000 units remained on hand at the end of 2013 (30,000 units therefore were sold during 2013). Causwell uses a periodic inventory system. Cost of goods sold for 2013, applying the average cost method, is $210,000. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. QUESTIONS: (1). What should be the purchase price per units for the additional 30,000 units purchased during 2013 1) | (2). Determine the cost of goods sold for 2013 using the FIFO method. 2). (3). Determine the cost of goods sold for 2013 using the LIFO method. 3) Blank # 1 Blank # 2 A/ Blank # 3

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