Question: 2. Ch. 5: Measuring Inventory using FIFO, LIFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On

2. Ch. 5: Measuring Inventory using FIFO, LIFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1, ABC had a beginning inventory balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Jan. 3 Jan. 9 Jan. 13 Jan. 24 a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. FIFO Purchased 200 units at $6/unit Sold 250 units at $10/unit Purchased 500 units at $7/unit Sold 600 units at $11/unit Date Jan. 1 (beginning) Proof: Units Dollars Cost of Goods Sold Ending Inventory Quantity Beginning Purchases Unit Cost Total Cost + + + Purchases = Cost of Goods Sold Quantity CGAFS Unit Cost Total Cost Sold Ending Inventory Quantity Unit Cost Total Cost = = Ending

2. Ch. S: Measuring Inventory using FIFO, UFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1,ABC had a beginning. inventory balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Jan. 3 Purchased 200 units at $6/ unit Jan. 9 Sold 250 units at $10/ unit Jan. 13 Purchased 500 units at $7/ unit Jan. 24 Sold 600 units at $11/ unit a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. Cost of Goods Sold Ending Inventory 2. Ch. S: Measuring Inventory using FIFO, UFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1,ABC had a beginning. inventory balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Jan. 3 Purchased 200 units at $6/ unit Jan. 9 Sold 250 units at $10/ unit Jan. 13 Purchased 500 units at $7/ unit Jan. 24 Sold 600 units at $11/ unit a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. Cost of Goods Sold Ending Inventory

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