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Richardson Company's inventory records show the following purchase data for the month of February: Units Unit Cost Total Cost Purchases: February 8 450 3.50 $1,575
Richardson Company's inventory records show the following purchase data for the month of February: Units Unit Cost Total Cost Purchases: February 8 450 3.50 $1,575 February 18 350 3.70 $1,295 Richardson Company started the month with beginning inventory of 100 units which had a unit cost of $3.34 each. A physical inventory count on February 28 shows 200 units on hand. (a)Calculate the value of ending inventory if the company uses LIFO inventory costing and a periodic inventory system. (b) Calculate the cost of goods sold if the company uses the FIFO inventory costing and a periodic inventory system
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