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Moffett Company, which uses the periodic inventory system, has the following records for July of 2017: Units Unit Cost Total Cost Beginning inventory 180 $60
Moffett Company, which uses the periodic inventory system, has the following records for July of 2017:
Units | Unit Cost | Total Cost | ||
Beginning inventory | 180 | $60 | $10,800 | |
Purchases: | July 6 | 100 | 63 | 6,300 |
July 12 | 220 | 66 | 14,520 | |
July 19 | 140 | 68 | 9,520 | |
July 27 | 160 | 69 | 11,040 |
Moffett sold 580 units during July. Compute the cost of the ending inventory and the cost of goods sold using the following methods:
Ending Inventory Cost of Goods Sold
a. FIFO _______ _______
b. LIFO _______ _______
c. Weighted-average _______ _______
d. Compute the inventory turnover under the FIFO method _______
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