Question
Tires Unlimited Company inventory records show the following data for the month of June pertaining to their All Weather Road Handling G60-15 Radial Tire: G60-15
Tires Unlimited Company inventory records show the following data for the month of June pertaining to their All Weather Road Handling G60-15 Radial Tire: G60-15 Radial Tire Units Unit Cost Inventory, June 1 77 $60.00 Purchases: June 11th 100 62.00 June 23rd 75 64.00 A physical inventory on June 30th 30 shows 140 tires on hand. a. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. b. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. c: Calculate the value of ending inventory and cost of goods sold if the company uses average costing and a periodic inventory system. Remember, average cost is a weighted average. Be sure to show details of all your calculations.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started