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Statewide Construction uses a periodic inventory system. Its records show the following for the month of July, in which 75 units were sold. Date Units
Statewide Construction uses a periodic inventory system. Its records show the following for the month of July, in which 75 units were sold.
Date | Units | Unit Cost | Total Cost | |
July 1 | Inventory | 36 | $6 | $216 |
July 15 | Purchases | 24 | $9 | $216 |
July 24 | Purchases | 37 | $10 | $370 |
Totals | 97 | $802 |
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.
FIFO | LIFO | |
Ending inventory at July 31st | $ | $ |
Cost of goods sold | $ | $ |
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