Problem 6-3A

Bridgeport Corp. had a beginning inventory of 91 units of Product RST at a cost of $7 per unit. During the year, purchases were:

Feb. 20		603		units at		$8		Aug. 12		426		units at		$10
May 5		530		units at		$9		Dec. 8		104		units at		$11

Bridgeport Corp. uses a periodic inventory system. Sales totaled 1,400 units.

(a) Determine the cost of goods available for sale.

The cost of goods available for sale

$

(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)

Average Cost

$

(C)Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$		$		$
The cost of goods sold		$		$		$