Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.

Beginning Inventory, January 1, 2018	1,200 units @ $85 each
Purchases:
January 15	2,500 units @ $100 each
January 21	2,300 units @ $105 each
Sales:
January 5	1,150 units @ $125 each
January 22	1,550 units @ $135 each
January 29	1,000 units @ $140 each
Ending Inventory, January 31, 2018	2,300 units

Required: Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods:

NOTE: COG = COST OF GOODS

FIFO	COGS Available for Sale			COG Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per unit	COGS Available for Sale	# of units sold	Cost per unit	COG Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	1,200	$85	$102,000	1,200	$85	$102,000	0	$85	0
Purchases:
Jan 15	2,500	$100	$250,000	2,500	$100	$250,000	$0	$100	0
Jan 21	2,300	$105	$241,500	0	$105	$0	2,300	$105	$241,500
Total	6,000		$593500	$3,700		$352,.000	2,300		$241,500
LIFO	COGS Available for Sale			COG Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	# of units	Cost per unit	COGS Available for Sale	# of units sold	Cost per unit	COG Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	1,200	$85	$102,000	0	$85	$0	1,200	$85	$102,000
Purchases:
Jan 15	2,500	$100	$250,000	?	$100	?	?	$100	?
Jan 21	2,300	$105	$241,500	?	$105	?	0	$105	0
Total	6,000		$593,000	?		?	?		?

Answer rating: 100% (QA)

FIFO COGS Available for Sale of unitsCost per unitCOGS Available for Sale Beginnin... View the full answer