Question
Use the following inventory related information for Questions 15-17. April 1 Beginning Inventory 100 units @ $4 April 2 Sales 50 units April 3 Purchases
Use the following inventory related information for Questions 15-17.
April 1 | Beginning Inventory | 100 units @ $4 |
April 2 | Sales | 50 units |
April 3 | Purchases | 300 units @ $6 |
April 10 | Sales | 250 units |
April 21 | Purchases | 400 units @ $8 |
April 28 | Sales | 200 units |
15. Assuming a periodic inventory system is used, what is ending inventory under LIFO?
16. Assuming a periodic inventory system is used, what is cost of goods sold under FIFO?
17. Assuming a periodic inventory system is used, what is ending inventory under the Weighted-Average Cost method?
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