E8.13

al places low is information Cost-Periodic) Presented below is Prepare schedules 10 ventory methods. a. FIFO b. LIFO. c. Weighted average E8.13 (LO 3) (Compute FIFO, LIFO, Average-Cost-Periodic) Pre related to Blowfish radios for the Hootie Company for the month of July. Unit Units Sold Selling Price Units Total Total Date Transaction In 100 800 Cost $4.10 4.20 $ 410 3,360 July 1 300 $7.00 300 7.30 $ 2,100 2,190 10 4.50 1,800 200 7.40 1,480 Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Totals 4.60 1,380 18 400 7.40 2,960 500 4.58 2,290 7.50 1.500 200 1,400 $9,240 S10.230 2,100 Instructions a. Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. 1. FIFO. 2. LIFO. 3. Weighted average. b. Answer the following questions. 1. Which of the methods used above will yield the lowest figure for gross pronto statement? Explain why. of gross profit for the income 2. Which of the methods used above will yield the lowest figure for ending invento sheet? Explain why. E8.14 (LO 3) (FIEN ding inventory for the balance