Question
The company uses a periodic inventory system and its ending inventory consists of 150 units50 from each of the last three purchases.? Jan. 1- beginning
The company uses a periodic inventory system and its ending inventory consists of 150 units50 from each of the last three purchases.?
Jan. 1- beginning inventory -96 units @ $2.00=$192
Mar. 7-purchase-220 units @ $2.25=$495
July. 28-purchase-544 units @ $2.50=$1,360
Oct. 3-purchase-480 units @ $2.80=$1,344
Dec. 19-purchase-160 units @ $2.90=$464
Total = 1,500 units - $3,855
- Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.)
A)specific identification-$410 Ending inventory $3,445 -Cost of good sold
B)weighted average -$386 Ending inventory $3,469 -Cost of good sold
C)FIFO-
D)LIFO-
I need help with FIFO and LIFO for my accounting homework. I think I have A and B right but I'm not so sure.
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