2. Noodle Co. uses a periodic inventory system. The following chart shows Noodle Co.'s inventory purchases...

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2. Noodle Co. uses a periodic inventory system. The following chart shows Noodle Co.'s inventory purchases and sales for the month of October. (For specific identification, items sold consisted of 20 units from beginning inventory and 30 units from the October 6th purchases, and 10 units from the October 25th purchase.) Date Activities Units Sold at Retail Oct. 1 Beginning Inventory Oct. 6 Purchase Units Acquired at Cost 20 units @ $30 per unit 30 units@ $35 per unit 5 units@ $45 per unit 10 units@ $48 per unit Oct. 17 Purchase Oct. 25 Purchase Oct. 30 Total Sales for the month 60 units@ $70 per unit 60 units Totals 65 units Compute the cost of goods sold and ending Inventory values for each of the following inventory valuation methods. a) FIFO b) LIFO c) Weighted Average d) Specific Identification 2. Noodle Co. uses a periodic inventory system. The following chart shows Noodle Co.'s inventory purchases and sales for the month of October. (For specific identification, items sold consisted of 20 units from beginning inventory and 30 units from the October 6th purchases, and 10 units from the October 25th purchase.) Date Activities Units Sold at Retail Oct. 1 Beginning Inventory Oct. 6 Purchase Units Acquired at Cost 20 units @ $30 per unit 30 units@ $35 per unit 5 units@ $45 per unit 10 units@ $48 per unit Oct. 17 Purchase Oct. 25 Purchase Oct. 30 Total Sales for the month 60 units@ $70 per unit 60 units Totals 65 units Compute the cost of goods sold and ending Inventory values for each of the following inventory valuation methods. a) FIFO b) LIFO c) Weighted Average d) Specific Identification

Answer rating: 100% (QA)

Cost of goods sold Ending inventory F... View the full answer