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Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers
Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average.
| Date | Transaction | Units In | Unit Cost | Total | Units Sold | Selling Price | Total | |||||||
| July 1 | Balance | 180 | $3.71 | $ 668 | ||||||||||
| 6 | Purchase | 1,440 | 3.42 | 4,925 | ||||||||||
| 7 | Sale | 540 | $7.00 | $ 3,780 | ||||||||||
| 10 | Sale | 540 | 7.22 | 3,899 | ||||||||||
| 12 | Purchase | 720 | 4.54 | 3,269 | ||||||||||
| 15 | Sale | 360 | 7.53 | 2,711 | ||||||||||
| 18 | Purchase | 540 | 5.23 | 2,824 | ||||||||||
| 22 | Sale | 720 | 7.90 | 5,688 | ||||||||||
| 25 | Purchase | 900 | 5.01 | 4,509 | ||||||||||
| 30 | Sale | 360 | 8.18 | 2,945 | ||||||||||
| Totals | 3,780 | $16,195 | 2,520 | $19,023 |
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