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

FIFO, LIFO and average cost method in periodic inventory system

Angelo Plc uses a 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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