Judi Company at the beginning of January had 400 units with a unit cost of $8. During the year, Judi made the following purchases. 2/20 600 units at $9 8/12 300 units at $11 5/5 500 units at $10 12/8 200 units at $12 during the year, 1,500 units were sold. Judi uses a periodic inventory system. 

Instructions 

(a) Determine the cost of goods available for sale. 

(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO methods.

Answer rating: 100% (QA)

Unit Unit Cost Total Cost Beginning inventory 400 8 3200 Purchase 1 600 9 5... View the full answer