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he Breeze trading company discloses the following information for the month of August 2013. Aug. 01 Beginning inventory: 600 units @ $5 each Aug. 10
he Breeze trading company discloses the following information for the month of August 2013.
| Aug. 01 | Beginning inventory: | 600 units @ $5 each |
| Aug. 10 | Sales: | 400 units @ $12 each |
| Aug. 11 | Purchases: | 1,600 units @ $6 |
| Aug. 15 | Sales: | 1000 units @ 12.50 |
| Aug. 20 | Purchases: | 1000 units @ $6.50 |
| Aug. 27 | Sales: | 600 units @ $13.50 |
Required:
- Assume the Breeze trading company usesperiodic inventory system, compute cost of goods sold (COGS), ending inventory and gross profit under:(a). FIFO(b). LIFO
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
3rd edition
9781337909402, 978-1337788281
