Question

Ada Company, using the periodic inventory system, began the year with 150 units of product B in inventory with a unit cost of $35. The following additional purchases of the product were made:
Apr. 1 ....... 330 units @ $50 each
Jul. 5 ...... 440 units @ 45 each
Aug. 15 ..... 530 units @ 62 each
Nov. 20 ..... 100 units @ 72 each
At end of year, Ada Company had 520 units of its product unsold. Calculate cost of ending inventory as well as cost of goods sold by the
(a) FIFO,
(b) LIFO,
(c) weighted-average methods. (Round the weighted average to the nearest cent.)



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  • CreatedApril 24, 2014
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