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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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