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Pina Company uses a periodic inventory system. For April, when the company sold420units, the following information is available. Units Unit Cost Total Cost April 1
Pina Company uses a periodic inventory system. For April, when the company sold420units, the following information is available.
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Units | Unit Cost | Total Cost | |
April 1 inventory | 240 | $13 | $3,120 |
April 15 purchase | 440 | 16 | 7,040 |
April 23 purchase | 320 | 17 | 5,440 |
1,000 | $15,600 |
Ending inventory | $ |
Cost of goods sold | $ |
Marigold Company uses a periodic inventory system. For April, when the company sold550units, the following information is available.
Units | Unit Cost | Total Cost | |
April 1 inventory | 260 | $15 | $ 3,900 |
April 15 purchase | 430 | 18 | 7,740 |
April 23 purchase | 310 | 20 | 6,200 |
1,000 | $17,840 |
Ending inventory | $ |
Cost of goods sold | $ |
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