Information relating to Scott Company inventory during 2010 is given below
COST OF GOODS AVAILABLE FOR SALE
Date Explanation Units Unit Cost TotalCost

Jan. 1 Beginning inventory 100 $200 $20,000

Mar. 15 Purchase 300 224 67,200

   July 20 Purchase 250 235 58,750

Sept. 4 Purchase 200 238 47,600

   Dec. 2 Purchase 100 250 25,000

   Total 950 $218,550

By year end, 700 units were sold. Scott Company uses a periodic inventory system.


Required:
Determine (1) the cost of the ending inventory and (2) the cost of goods sold under FIFO, and weighted average.

Answer rating: 100% (QA)

To determine the cost of the ending inventory and the cost of goods sold using the FIFO FirstIn FirstOut and weighted average methods we need to calcu... View the full answer