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Ayayai Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1
Ayayai Corp. uses a periodic inventory system and reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 126 | $4 | $ 504 | ||||
12 | Purchases | 504 | 6 | 3,024 | ||||
23 | Purchases | 315 | 8 | 2,520 | ||||
30 | Inventory | 295 |
(a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.)
FIFO | LIFO | Average-Cost | ||||
---|---|---|---|---|---|---|
The cost of the ending inventory | $enter cost of the ending inventory under First In First Out in dollars | $enter cost of the ending inventory under Last In First Out in dollars | $enter cost of the ending inventory under average-cost in dollars | |||
The cost of goods sold | $enter cost of goods sold under First In First Out in dollars | $enter cost of goods sold under Last In First Out in dollars | $enter cost of goods sold under average-cost in dollars |
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