Question
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 90
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 90 units65 units from the January 6 purchase and 25 units from the January 25 purchase. Jan. 1 Beginning inventory 210 units @ $4.50 = $ 945.00 Jan. 6 Purchase 385 units @ $4.30 = 1,655.50 Jan. 17 Purchase 615 units @ $3.80 = 2,337.00 Jan. 25 Purchase 37 units @ $3.50 = 129.50 Totals 1,247 units $ 5,067.00 Determine the cost assigned to ending inventory and to cost of goods sold for the following.
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