Question
Inventory Costing Methods Archer Company is a retailer that uses the periodic inventory system. On August 1, it had 80 units of product A at
Inventory Costing Methods Archer Company is a retailer that uses the periodic inventory system. On August 1, it had 80 units of product A at a total cost of $11,200. On August 5, Archer purchased 100 units of A for $14,812. On August 8, it purchased 200 units of A for $30,912. On August 11, it sold 150 units of A for $33,600.
Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar.
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