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Alta Ski Companys inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Beginning inventory, January 1,
Alta Ski Companys inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. |
Beginning inventory, January 1, 2016 | 600 | units @ $80 each |
Purchases: | ||
January 15 | 1,000 | units @ $95 each |
January 21 | 800 | units @ $100 each |
Sales: | ||
January 5 | 400 | units @ $120 each |
January 22 | 800 | units @ $130 each |
January 29 | 400 | units @ $135 each |
Ending inventory, January 31, 2016 | 800 | units |
2. | Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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