Inventory Costing Worksheet Practice

Units Cost per unit

Beginning inventory 30 $10

Puirchase 3/31 20 $11

Purchase 4/30 20 $12

Purchase 5/31 30 $13

There is a total of 100 units. 65 units were sold, therefore 35 units were in ending inventory. Calculate the following under the periodic method for costing inventory

1. Compute cost of goods sold under FIFO.

2. Compute ending inventory under FIFO.

3. Compute cost of goods sold under LIFO.

4. Compute ending inventory under LIFO.

5. Compute cost of goods sold under average cost.

6. Compute ending inventory under average cost.