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Attempt 1 Question 10 (3 points) Listen (3 points) Causwell Company began 2013 with 12,000 units of inventory on hand, The cost of each unit
Attempt 1 Question 10 (3 points) Listen (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 koods 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 Blank #3 Page 10 of 13
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