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Lester Company sells many products. Hackenberry is one of its popular items. Lester Company had the following inventory purchases and sales of Hackenberry for the
Lester Company sells many products. Hackenberry is one of its popular items. Lester Company had the following inventory purchases and sales of Hackenberry for the month of March. Lester Company uses the periodic inventory system. Purchases Units Unit Cost 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 3/10 Purchase 200 $55 3/30 Purchase 40 $60 A physical count of inventory on March 31 revealed that there were 150 units remaining on hand. Using the FIFO method, compute 1) the value of the ending inventory: 2) the cost of goods sold: Using the LIFO method, compute 1) the value of the ending inventory: 2) the cost of goods sold: Using the average cost method, compute 1) the value of the ending inventory: 2) the cost of goods sold
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