ABC Company had the following transactions during July.
		1-Jul	Beginning inventory	100 units	$80 each
		2-Jul	Purchase	120 units	$82 each
		10-Jul	Sale	90 units
		13-Jul	Sale	50 units
		15-Jul	Purchase	50 units	$83 each
		22-Jul	Sale	70 units
	1) Using the periodic FIFO method, calculate the company's ending inventory cost on July 31st. Assume the company had 60 units in ending inventory as of July 31st.
	Cost of Goods Sold		Ending Inventory Cost
	Units	Unit Cost	Total Cost		Units	Unit Cost	Total Cost
	0		$ -		0		$ -
	2) Using the periodic LIFO method, calculate the company's ending inventory cost on July 31st. Assume the company had 60 units in ending inventory as of July 31st.
	Cost of Goods Sold		Ending Inventory Cost
	Units	Unit Cost	Total Cost		Units	Unit Cost	Total Cost
	0		$ -		0		$ -
	3) Using the periodic average cost method, calculate the company's ending inventory cost on July 31st. Assume the company had 60 units in ending inventory as of July 31st.
	a) Calculate the total cost of all inventory layers.		b) Calculate the average cost per unit for inventory.
	Total Cost			=		(Round to the nearest cent)
	Units	Unit Cost	Total Cost
					c) Calculate the company's ending inventory cost.
	0		$ -		Ending Inventory Cost
					Units	Unit Cost	Total Cost

Answer rating: 100% (QA)

1 Cost of Goods Sold Units Unit Cost Total Cost 100 80 8000 110 82 9020 210 1... View the full answer