Seminole Company began year 2013 with 23,000 units of product in its January 1 inventory costing $15 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 40,000 units of its product remain in inventory.

Mar.

7

30,000 units @ $18 each

May

25

39,000 units @ $20 each

Aug.

1

23,000 units @ $25 each

Nov.

10

35,000 units @ $26 each

Compute the amounts assigned to the 2013 ending inventory and the cost of goods sold.

(a)

FIFO periodic

Total cost of units available for sale
Less ending inventory on a FIFO basis
Cost of units sold

(b)

LIFO periodic

Total cost of units available for sale
Less ending inventory on a LIFO basis
Cost of units sold

(c)

Weighted average periodic

Total cost of units available for sale
Less ending inventory - weighted average
Cost of units sold