• Acme Company began the accounting period with inventory of 3,500 units at $31 each. During the period, the company purchased an additional 4,500 units at $35 each and sold 4,100 units. Assume the use of periodic inventory procedure is use.
  • What is the cost of the ending inventory using FIFO? 136,500
  • What is the cost of goods sold using FIFO? 129,500
  • What is the cost of ending inventory using LIFO? 122,500
  • What is the cost of goods sold using LIFO? 143,500
  • What is the cost of ending inventory using weighted-average? 129,675
  • What is the cost of goods sold using weighted-average? 136,325