Question
LLC Company had a beginning inventory of 600 units of Product Ribo at a cost of $8 per unit. During the year, purchases were: Date
LLC Company had a beginning inventory of 600 units of Product Ribo at a cost of $8 per unit. During the year, purchases were:
Date | Explanation | Units | Unit cost |
Jan 10 | Purchase | 600 units | $9 |
May 5 | Purchase | 500 units | $10 |
Aug 12 | Purchase | 300 units | $11 |
Dec 8 | Purchase | 200 units | $12 |
Sales totaled 1,700 units. LLC Company uses a periodic inventory system.
Requirements: (Marks 5)
(a) Determine the cost of goods available for sale.
(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods FIFO, LIFO and Weighted Average.
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