(Calculating cost of sales and ending inventory using average cost, FIFO, and LIFO cost flow assumptions, LO 1, 2) Information is provided for Olds Ltd. on page 479.

Required:
Calculate cost of goods sold and ending inventory for Olds Ltd. using the average cost, FIFO, and LIFO cost flow assumptions under both the perpetual and periodic inventory systems.

Transcribed Image Text:

Date December 31, 2003 January 5, 2004 January 8, 2004 January 15, 2004 January 20, 2004 Purchases 80 units @ $6 120 units @ $7 Sales 60 units @ $8 120 units @ $10 Balance 110 units @ $5 January 22, 2004 100 units @ $8 January 29, 2004 80 units @ $11 January 31, 2004 150 units @