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The beginning inventory was 470 units at a cost of $10 per unit. Goods available for sale during the year were 1,810 units at a
The beginning inventory was 470 units at a cost of $10 per unit. Goods available for sale during the year were 1,810 units at a total cost of $20,010. In May, 770 units were purchased at a total cost of $8,470. The only other purchase transaction occurred during October. Ending inventory was 805 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per unit b-1. Assume the periodic inventory system values as a positive value.) used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Available for units unit Sale Cost per Cost per # of units sold Cost per Inventory Balance # of units in ending Ending unit Inventory inventory Cost of Goods Sold unit Beg. Inventory Purchases: May October Total b-2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of Cost per Available for units unit Sale Cost per # of units sold Cost per Inventory Balance # of units in ending Ending unit Inventory inventory Cost of Goods Sold unit Beg. Inventory Purchases: May October Total
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