Question
Swifty Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1
Swifty Corporation uses a periodic inventory system and reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 140 | $5 | $ 700 | |||||||
12 | Purchase | 390 | 6 | 2,340 | |||||||
23 | Purchase | 190 | 7 | 1,330 | |||||||
30 | Inventory | 193 |
a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO | LIFO | Average-cost | ||||
---|---|---|---|---|---|---|
Cost of the ending inventory | $enter the cost of ending inventory as per FIFO in dollars | $enter the cost of ending inventory as per LIFO in dollars | $enter the cost of ending inventory as per Average-cost in dollars | |||
Cost of goods sold | $enter the cost of goods sold amount as per FIFO in dollars | $enter the cost of goods sold amount as per LIFO in dollars | $enter the cost of goods sold amount as per Average-cost in dollars |
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