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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

?

?

  1. 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).
  2. 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).
  3. 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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