Question
Based on the information below what would the ending inventory and the cost of goods sold be for Gargleblaster Inc (GI) under the following cost
Based on the information below what would the ending inventory and the cost of goods sold be for Gargleblaster Inc (GI) under the following cost flow assumptions?
Ending Inventory Cost of Goods Sold
1. LIFO(periodic inventory method) $ $
2. FIFO(periodic inventory method) $ $
3. LIFO (perpetual inventory method) $ $
4. FIFO(perpetual inventory method) $ $
Quantity Cost per Unit Total
Beginning Inventory 200 units $10 2,000
January Purchases 300 units $12 3,600
March Purchases 500 units $15 7,500
August Purchases 500 units $15 7,500
December Purchases 200 units $20 4,000
1,700 units 24,600
There were 1,200 units sold during the year, half in May, and the others in September. No units were lost, stolen, or spoiled.
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