Groves company Inc, had a beginning of 126 units of product

MLN at cost of $10 per unit. During the year, purchases were:

Groves company uses a periodic inventory system. Sals totaled 1,884 units.

(a) Determine the cost of goods available for sale.

The cost of goods available for sale$.

(b) Calculated average Cost.

Average Cost$.

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods.

Transcribed Image Text:

Feb. 20 May 5 754 units at units at 628 $11 $13 Aug. 12 Dec. 8 502 units at 126 units at $14 $15 The ending inventory The cost of goods sold FIFO LIFO $ $ AVERAGE-COST Feb. 20 May 5 754 units at units at 628 $11 $13 Aug. 12 Dec. 8 502 units at 126 units at $14 $15 The ending inventory The cost of goods sold FIFO LIFO $ $ AVERAGE-COST

Answer rating: 100% (QA)

a Cost of goods available for sale Op Cost of goods purchases 126... View the full answer