Question
Marigold Corp. Inc. had a beginning inventory of 95 units of Product RST at a cost of $ 6 per unit. During the year, purchases
Marigold Corp. Inc. had a beginning inventory of 95 units of Product RST at a cost of $ 6 per unit. During the year, purchases were:
Feb. 20 | 605 units | at | $ 7 | Aug. 12 | 410 units | at | $ 9 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 5 | 495 units | at | $ 8 | Dec. 8 | 100 units | at | $ 10 |
Marigold Corp. uses a periodic inventory system. Sales totaled 1,485 units.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $ | $ | $ | |||
The cost of goods sold | $ | $ | $ |
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