Inventory Costing Methods

Morrison Inc. reported the following information for the month of October:

Inventory, October 1		58 units @ $22
Purchase:
October 7		57 units @ $23
October 18		58 units @ $24
October 27		46 units @ $25

During October, Morrison sold 138 units. The company uses a periodic inventory system.

Required:

What is the value of ending inventory and cost of goods sold for October under the following assumptions.

ASSUMPTIONS:

1. Of the 138 units sold, 49 cost $22, 40 cost $23, 44 cost $24, and 5 cost $25.

2. FIFO

3. LIFO

4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)

Answer with $

1. Cost of Goods Sold=

Ending Inventory=

2. Cost of Goods Sold=

Ending Inventory=

3. Cost of Goods Sold=

Ending Inventory=

4. Cost of Goods Sold=

Ending Inventory=