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The Toon Company, which uses the periodic inventory system, has the following records for the current year: Units Unit Cost Beginning inventory Purchases: 100
The Toon Company, which uses the periodic inventory system, has the following records for the current year: Units Unit Cost Beginning inventory Purchases: 100 $319 Jan. 6 650 273 July 15 550 247 Dec. 28 200 234 Ending inventory at December 31 was 350 units. Compute the ending inventory and the cost of goods sold for the year using (a) first-in, first out, (b) weighted-average cost, and (c) last-in, first-out. Cost of goods sold Ending inventory a. FIFO $ b. Weighted average $ c. LIFO 308,150 91,465.5 x $ $ 83,850 91,465.5 x 0 x $ 0 x Check
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