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Inventory Costing MethodsPeriodic Method Arrow Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80 units of Product A @
Inventory Costing MethodsPeriodic Method
Arrow Company is a retailer that uses the periodic inventory system.
August | 1 | Beginning inventory | 80 | units of Product A @ | $1,600 | total cost |
5 | Purchased | 100 | units of Product A @ | $2,116 | total cost | |
8 | Purchased | 200 | units of Product A @ | $4,416 | total cost | |
11 | Sold | 170 | units of Product A @ | $4,800 | total sale |
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 | ||
Cost of Goods Sold | ||
B. Last-in, first-out | ||
Ending Inventory | ||
Cost of Goods Sold | ||
C. Weighted-average cost | ||
Ending Inventory | ||
Cost of Goods Sold |
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