Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 6-63 (Algorithmic) Inventory Costing Methods: Periodic Inventory System (Appendices 6B) The inventory accounting records for Roth Corporation contained the following data: Beginning inventory 400
Exercise 6-63 (Algorithmic) Inventory Costing Methods: Periodic Inventory System (Appendices 6B) The inventory accounting records for Roth Corporation contained the following data: Beginning inventory 400 units at $11 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2,200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started