Question: Compute COGS and Ending Inventory balances using the periodic method and each if the following cost flow assumptions (FIFO LIFO & WTD AVERAGE) are conto

Compute COGS and Ending Inventory balances using the periodic method and each if the following cost flow assumptions (FIFO LIFO & WTD AVERAGE)
Compute COGS and Ending Inventory balances using the periodic method and each

are conto baren B. Compute COGS and Ending Inventory balances using the Periodic Method and each of the following cost flow assumptions (FIFO, LIFO & Wtd Average): (The 6 bold boxes below will be graded!) ethod: Ending Inventory FIFO LIFO Units Unit Price Total Cost FIFO Bal LIFO Bal Wtd Avg bal 1-Jun Beg Inventory 300 $ 10.00 $3,000 4-Jun Purchases 450 $ 12.00 $ 5,400 14-Jun Purchases 250 $ 14.00 $ 3,500 15-Jun Purchases 250 $ 15.00 $ 3.750 30-Jun Purchases 225 $ 16.00 $ 3.600 Total Inven avail. For sale EOP (End of Period) inventory 1.475 375 $ 19,250 $ $ COGS (Cost of Goods Sold) 1,100

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!