A company with no inventory purchases the following three inventory items:

On January 15, the company sells two items for $10 each. The company uses a periodic inventory system.
Required
Calculate the company's cost of goods sold under the
a) FIFO
b) LIFO
c) Weighted average inventory costing methods.
How would your answers change if one item was sold on January 10 while the second was sold on January 15?

Transcribed Image Text:

Date January 7 January 9 January 12 Item Cost $6 $7 $8 A.