Question 2: (10 Marks)

Please Follow the Criteria of the Answer as the Table , not a Table from Your Own Please , So i can Vote

XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory is 500 units at 5 $ each. Information related to XYZ Company's inventory at October 31 is given below:

Alpha CO
Date	Explanation	Units	Units Cost	Total Cost
10/08	Purchase	800	$ 11	8800
10/15	Purchase	600	$ 14	8400
10/20	Purchase	300	$ 15	4500
	Total goods available	1700		21,700
During the year, 1400 units were sold.

Required:

1. Compute the cost of ending inventory and the cost of goods sold under: (6 marks)

a. FIFO method

b. LIFO method

c. The weighted average

Answer:

a. FIFO... (2 marks)

Step 1					Step 2
Ending Inventory					Cost of Goods Sold

b. LIFO.. (2 marks)

Step 1					Step 2
Ending Inventory					Cost of Goods Sold

c. Weighted average... (2 marks)