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Caitlin Company had a proper beginning inventory on January 1, Year 3, of 60 units all with a unit cost of $4. The firm had
Caitlin Company had a proper beginning inventory on January 1, Year 3, of 60 units all with a unit cost of $4. The firm had been founded one day earlier and had purchased these units at that time During Year 3, Caitlin purchased exactly 20 units per month on the 20th day of each month. In January Year 3, the cost per unit was $5. The cost per unit rose by exactly one dollar per month throughout Year 3. For example, purchases on February 20, Year 3, were at $6 per unit In Year 3, Caitlin sold goods on three occasions: February 15: sold 50 units for $16 per unit July 11: sold 120 units for $20 per unit October 22: sold 60 units for $22 per unit During Year 4, Caitlin purchased exactly 30 units per month on the 20th day of the month. In January Year 4, the cost per unit was $17. The cost per unit rose by exactly one dollar per month throughout Year 4. For example, purchases on February 20, Year 4, were at $18 per unit In Year 4, Caitlin sold goods on three occasions February 2: sold 80 units for $32 per unit May 25: sold 100 units for $33 per unit December 22: sold 170 units for $34 per unit Required: Fill in the appropriate values for each of the following combination of inventory methods and systems for the years indicated. Calculations not required to be shown Periodic LIFO Year 3 Sales Beg. Inv Purch (End Inv) CGS GM Periodic LIFO Year 4 Sales Beg. Inv Purch. (End Inv) CGS GM
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