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Q2: Lin Co. Uses a periodic inventory system Its records show the following for the month of Aug, in which 32 units were sold: Units
Q2: Lin Co. Uses a periodic inventory system Its records show the following for the month of Aug, in which 32 units were sold: Units Units Cost Total Cost Aug-01 Inventory 20 $6 $ 120 Aug-20 Purchase x 23 x 10 230 350 Aug-30 Purchase 65 4 260 Totals 120 $ 730 Instructions: a Compute the ending inventory at Aug 31, and cost of goods sold using the FIFO method. b.Compute the ending inventory at Aug 31, and cost of goods sold using the AVCO method
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