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Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 210 units of Product A @
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system.
August | 1 | Beginning inventory | 210 | units of Product A @ | $2,900 | total cost |
5 | Purchased | 230 | units of Product A @ | $3,416 | total cost | |
8 | Purchased | 330 | units of Product A @ | $5,716 | total cost | |
11 | Sold | 280 | units of Product A |
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.
Do not round until your final answers. Round your final answers to the nearest dollar.
A. First-in, first-out | ||
Ending Inventory | Answer | |
Cost of Goods Sold | Answer | |
B. Last-in, first-out | ||
Ending Inventory | Answer | |
Cost of Goods Sold | Answer | |
C. Weighted-average cost | ||
Ending Inventory | Answer | |
Cost of Goods Sold | Answer |
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