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Concord Corporation Inc. had a beginning inventory of 100 units of Product RST at a cost of $6 per unit. During the year, purchases were:
Concord Corporation Inc. had a beginning inventory of 100 units of Product RST at a cost of $6 per unit. During the year, purchases were:
Feb. 20 | 585 units | at | $7 | Aug. 12 | 405 units | at | $9 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 5 | 495 units | at | $8 | Dec. 8 | 100 units | at | $10 |
Concord Corporation uses a periodic inventory system. Sales totaled 1,570 units. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
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