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Exercise 6-64 Inventory Costing Methods: Periodic System (Appendices 6B) Harrington Company had the following data for inventory during a recent year: Units Cost per Unit
Exercise 6-64 Inventory Costing Methods: Periodic System (Appendices 6B) Harrington Company had the following data for inventory during a recent year: Units Cost per Unit Total Cost 500 $9.00 $4,500 1,600 9.40 Beginning inventory Purchase 1, Jan. 28 Purchase 2, May 2 Purchase 3, Aug. 13 Purchase 4, Nov. 9 $15,040 12,240 10.20 1,200 1,400 10.80 15,120 1,100 11.30 12,430 Total purchases 5,300 54,830 Goods available for sale 5,800 $59,330 Less: Sales (5,240) Ending inventory 560 Assume that Harrington uses a periodic inventory accounting system. Required: 1. Using the FIFO, LIFO, and average cost methods, compute the ending inventory and cost of goods sold. (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
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