FIFO - PERIODIC 1 2 You should determine the value of the ending Inventory, cost of goods sold, and gross profit under the FIFO cost flow assumption using the periodic inventory method from the following table below. 3 Quantity Unit Cost 70 4 Beg Iny 90 5 20 75 Date Oct 1 Oct 3 Purchase Oct 12 Purchase Oct 18 Purchase Cost of Goods Available for Sale Total Cost 6,300 1,500 3,120 5,040 15,960 40 78 Unit Price Gross Profit Sales (100 * 100) Less Cost of Goods Sold Gross Profit Unit Cost 70 75 84 60 210 10,000 (7,050) 2,950 X Quantity Units 90 20 80 40 20 60 100 X 78 B Date 7 Oct 8 Begin 1 9 Purchase 3 10 Sold B 11 Purchase 12 12 Sold 15 13 Purchase 16 14 15 16 17 18 19 X 100 84 Cost of Goods Sold Oct 6 Sale 80 Oct 15 Sale 20 Total Cost of Goods Sold in Units 100 Cost Flow Assumption FIFO calculation by scheduling out CGS Total Cost of Goods Sold 100 90 70 75 10 6,300 750 7,050 110 8,910 20 21 22 23 24 25 28 27 Total Cost of Ending Inventory Cost Flow Assumption FIFO check by scheduling out ending inventory Total Cost of Ending Inventory 10 75 4078 60 84 110 750 3,120 5,040 8,910