Problem 1: Inventory Cost (12 Points)

Kingsley Company uses the

periodic

inventory system to account for its inventories. Here are

Kingsleys inventory records for January and February of 2020:

Date

Event

Quantity

Cost per unit

Total Cost

January 1

Inventory on hand

15 units

$10/unit

$150

8

Purchase

20 units

$11/unit

$220

12

Purchase

40 units

$12/unit

$480

29

Purchase

50 units

$13/unit

$650

31

Ending inventory

20 units

?

?

February 8

Purchase

15 units

$14/unit

$210

15

Purchase

40 units

$15/unit

$600

22

Purchase

25 units

$16/unit

$400

28

Ending Inventory

24 units

?

?

Required:

1. Assume that Kingsley has consistently used the

FIFO

method. Compute the total cost of

the 24 units in the ending inventory as of

February 28

, and compute the cost of goods sold

for the month of

February

(only).

2. Assume that Kingsley has consistently used the

LIFO

method. Compute the total cost of the

24 units in the ending inventory as of

February 28

, and compute the cost of goods sold for

the month of

February

(only).

3. Assume that Kingsley has consistently used the

Weighted Average Cost

method. Compute

the total cost of the 24 units in the ending inventory as of

February 28

, and compute the

cost of goods sold for the month of

February

(only).