Question
The college campus bookstore uses a periodic inventory system. The bookstore purchases 400 copies of a textbook at $70 each in June, 950 copies in
The college campus bookstore uses a periodic inventory system. The bookstore purchases 400 copies of a textbook at $70 each in June, 950 copies in August at $72 each, and 630 copies in December at $75 each. The bookstore sold 1,865 copies of the textbook during the year. Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
a. FIFO
Cost of Goods Sold | |
Ending Inventory |
b. LIFO
Cost of Goods Sold | |
Ending Inventory |
c. Weighted Average cost method
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Intermediate Accounting
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
8th edition
978-1259997525, 1259997529, 978-1259548185
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