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Kingsley Company uses the periodic inventory system to account for its inventories. Here are Kingsleys inventory records for January and February of 2017: Date Event
Kingsley Company uses the periodic inventory system to account for its inventories. Here are Kingsleys inventory records for January and February of 2017:
Date | Event | Quantity | Cost per unit | Total Cost |
January 1 | Inventory on hand | 15 units | $10/unit | $150 |
8 | Purchase | 20 units | $11/unit | $220 |
12 | Purchase | 40 units | $12/unit | $480 |
29 | Purchase | 50 units | $13/unit | $650 |
31 | Ending inventory | 20 units | ? | ? |
February 8 | Purchase | 15 units | $14/unit | $210 |
15 | Purchase | 40 units | $15/unit | $600 |
22 | Purchase | 25 units | $16/unit | $400 |
28 | Ending Inventory | 24 units | ? | ? |
- Assume that Kingsley has consistently used the FIFO method. Compute the total cost of the 24 units in the ending inventory as of February 28, and compute the cost of goods sold for the month of February (only).
- Assume that Kingsley has consistently used the LIFO method. Compute the total cost of the 24 units in the ending inventory as of February 28, and compute the cost of goods sold for the month of February (only).
- Assume that Kingsley has consistently used the Weighted Average Cost method. Compute the total cost of the 24 units in the ending inventory as of February 28, and compute the cost of goods sold for the month of February (only).
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