Question: Windsor, Inc. Inc. had a beginning inventory of 100 units of Product RST at a cost of $6 per unit. During the year, purchases were:

Windsor, Inc. Inc. had a beginning inventory of 100 units of Product RST at a cost of $6 per unit. During the year, purchases were: at Feb. 20 May 5 630 units 520 units at at $7 $8 Aug. 12 400 units Dec. 8 100 units $9 $10 at Windsor, Inc, uses a periodic inventory system. Sales totaled 1,435 units. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to decimal places, eg. 5,125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
