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Morton Company uses the periodic inventory method. The company's 20XX inventory information is as follow 1/1 Beginning Inventory 2/20 Purchase 7/25 Purchase 10/20 Purchase 100
Morton Company uses the periodic inventory method. The company's 20XX inventory information is as follow 1/1 Beginning Inventory 2/20 Purchase 7/25 Purchase 10/20 Purchase 100 400 200 500 $ 400 $ 2,000 $ 1,400 $ 4,000 A physical count of inventory on December 31st revealed there were 400 units on hand. a. How many units were available for Morton Co. to sell during the year? b. What is the total cost of the units available for sale? c. How many units die Morton actually sell? d. Assume the company uses the FIFO method. What is the value of the ending inventory at 12/31? e. What is the cost of goods sold under the FIFO method? f. Assume the company uses the LIFO method. What is the value of the ending inventory at 12/31? g. What is the cost of goods sold under the LIFO method
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