ACG203 CH 6 Practice Quiz NAME:

Gadgets-R-Us sells the Fire TV Stick 4K. The following information is available from the companys inventory records for the first three months of 2019: Inventory on January 1 consisted of 140 units at a cost of $20 per unit. There were four purchases in the first quarter: January 16: 180 units at $30 February 22: 220 units at $40 March 3: 200 units at $50 March 19: 160 units at $60. The company sold 600 units from January 1 to March 31. Gadgets-R-Us uses a periodic inventory system.

1 Determine the Cost of Goods Available for Sale for the three months ended March 31, 2019. (SHOW ALL COMPUTATIONS FOR CREDIT)

2 How many units of inventory were on hand at March 31, 2019?

3 Determine the value of ending inventory and Cost of Goods Sold at March 31, 2019 under the FIFO, LIFO, and Average Cost methods.

FIFO: Ending inventory: Cost of Goods Sold:

LIFO: Ending inventory: Cost of Goods Sold:

AVERAGE COST METHOD (Round computations to 2 decimal places) Ending inventory Cost of Goods Sold