Question: Help on finding ending inventory FIFO LIFO method Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On january 1, 2012.
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On january 1, 2012. Gleem had: 2.600 units of product B with a unit cost of $80 per unit. A summary of purchases and sales during 2012 follows: Finish attempt Unit Units Units Cost Purchased Sold 1,600 Jan.3 Mar.8 $84 3,000 June 13 Sept.19 90 Nov.23 95 1,200 Dec.28 2,000 800 1,800 Required a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for 2012 b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2012 C Assume that Gleem uses the weighted-average cost method. Compute the cost of goods sold and the ending inventory balance at December 31. 2012 for product B. and the ending inventory balance at December 31, 2012, for product B. for 2012 and the ending inventory balance at December 31, 2012, for product B. a. First-in, First-out: Ending Inventory $ 186,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
