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Review 2 Units Periodic Inventories (12 points) Carson Company uses the periodic inventory method and had the following inventory information available for the month of
Review 2 Units Periodic Inventories (12 points) Carson Company uses the periodic inventory method and had the following inventory information available for the month of November Date Transaction Unit Cost 1 1/1 Beginning inventory 400 11/5 Purchase No 1 500 $5 11/12 Sale No. 1 11/18 Purchase No. 2 11/25 Sale No. 2 900 11/30 Purchase No 3 600 $7 $3 450 A physical count of units on November 30 revealed that 650 units were on hand. 1. Assume that the company uses the average cost method. What is the dollar value of the ending inventory on November 30? 2. Assume that the company uses the LIFO inventory method. What is the dollar value of the cost of goods sold during November? 3. Assume that the company uses the FIFO inventory method. The dollar value of the endina inventory on November 30 is
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