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Question 2 (15 points) Use the following information for the next three questions: A company just starting business made the following four inventory purchases
Question 2 (15 points) Use the following information for the next three questions: A company just starting business made the following four inventory purchases in June: June 1 150 units @ $100 each June 10 200 units @ $105 each June 15 200 units @ $110 each June 28 150 units @ $115 each 700 units 75,250 A physical count of ending inventory showed 250 units on hand. The company uses the periodic inventory system. a) Using the LIFO method, what is the value of ending inventory and the cost of goods sold? (Show your work for part marks) - 8 marks b) Using the FIFO method, what would be the Cost of Goods Sold and the ending inventory? (Show your work for part marks) - 8 marks c) Using the average cost method, what would be the ending inventory and the cost of goods sold? (Show your work for part marks) 6 marks
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