The college campus bookstore uses a periodic inventory system. The bookstore purchases 400 copies of a textbook at $70 each in June, 950 copies in August at $72 each, and 630 copies in December at $75 each. The bookstore sold 1,865 copies of the textbook during the year. Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

a. FIFO

Cost of Goods Sold
Ending Inventory

b. LIFO

Cost of Goods Sold
Ending Inventory

c. Weighted Average cost method

Answer rating: 100% (QA)

a FIFO Cost of goods sold 400709507251575 28000 68400 38625 135025 E... View the full answer