Question: FIFO, LIFO and average cost method in periodic inventory system Angelo Plc uses the periodic inventory system. The beginning balance of inventory and purchases made

FIFO, LIFO and average cost method in periodic inventory system

Angelo Plc uses the periodic inventory system.

The beginning balance of inventory and purchases made by the company during the month of July, 2016 are given below:

July 1: Beginning inventory, 500 units @ $20 per unit.

July 18: Inventory purchased, 800 units @ $24 per unit.

July 25: Inventory purchased, 700 units @ $26 per unit.

The company sold 1,400 units during the month of July.

Required: Compute inventory on July 31, 2016 and cost of goods sold for the month of July using following inventory costing methods:

a. LIFO

b. FIFO

c. Average cost

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