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Consider the following information for Jenny's Company, which uses a periodic (annual) inventory system: Transaction Units Unit Total Cost Cost January 1 Beginning 55
Consider the following information for Jenny's Company, which uses a periodic (annual) inventory system: Transaction Units Unit Total Cost Cost January 1 Beginning 55 $10 $550 Inventory March 15 Purchase 40 6 240 August 28 Purchase 15 10 10 150 October 31 Purchase 20 4 80 Goods 130 $1,020 Available for Sale The company sold 48 units on December 31. REQUIRED: Calculate the company's Cost of Goods Sold and End Inventory, using FIFO, LIFO, and Weighted Average Cost. CLEARLY identify the Cost of Goods Sold or End
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