Question
Olympus Climbers Company has the following inventory data: Date Explanation Units Cost Per Unit Total Cost July 1 Beginning Inventory 30 $19 $ 570.00 July
Olympus Climbers Company has the following inventory data:
Date | Explanation | Units | Cost Per Unit | Total Cost |
July 1 | Beginning Inventory | 30 | $19 | $ 570.00 |
July 7 | Purchases | 105 | $20 | $2,100.00 |
July 22 | Purchases | 15 | $22 | $ 330.00 |
| Total | 150 |
| $3,000.00 |
A physical count of merchandise inventory on July 30 reveals that there are 48 units on
hand. What is the amount allocated to cost of goods sold and ending inventory using FIFO, LIFO, and Average Cost methods?
Part (a): FIFO (5 point)
Part (b) LIFO (5 points)
Part C: Average Cost (5points)
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