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Q3. The records of GHI Corp. reflected the following for the month of February (15 points) Number of Units Unit Cost 600 $3 500 $4
Q3. The records of GHI Corp. reflected the following for the month of February (15 points) Number of Units Unit Cost 600 $3 500 $4 215 Date Transaction 211 Beginning inventory 12/2 Purchase No.1 Sale No. 1 2/12 Purchase No. 2 2/15 Sale No. 2 2/23 Purchase No. 3 2/28 Ending inventory 700 600 $5 700 900 $6 ? Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods: Method Inventory Cost of Goods Sold A LIFO $ $ B. FIFO $ $
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