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Hoyt Company's inventory records show the following data for the month of September: Inventory, September 1, 100units at $3.00 per unit Purchases, Septembet 8, 450
Hoyt Company's inventory records show the following data for the month of September:
Inventory, September 1, 100units at $3.00 per unit
Purchases, Septembet 8, 450 units at $3.50 per unit
Purchases, September 18, 300 units at $3.70 per unit
A physical inventory on September 30 shows 200 units on hand.
- Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system.
- Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.
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