Question: OP 8-10 Periodic Inventory System with Different Cost Formulas Apply the three cost formulas for inventory: specific identification, FIFO, and weighted average cost. Fresh Wholesale

OP 8-10 Periodic Inventory System with Different Cost Formulas Apply the

OP 8-10 Periodic Inventory System with Different Cost Formulas Apply the three cost formulas for inventory: specific identification, FIFO, and weighted average cost. Fresh Wholesale buys peaches from farmers and sells them to canneries. During May 2017, Fresh's inventory records showed the following: Cases Price May 1 4 9 13 19 26 30 Beginning inventory.... Purchase Sale Purchase Sale... Purchase .. Sale 5,100 1,210 1,020 1,050 1,750 2,120 2.340 10.50 12.00 19.65 12.50 19.65 13.00 19.65 Fresh Wholesale uses the periodic inventory system to account for its inventory, which means that all sales are assumed to occur at the end of the period no matter when they actually occurred. Required: Calculate the cost of goods sold and ending inventory using the following cost formulas. (Calculate unit costs to the nearest cent.) 1. FIFO 2. Weighted average cost

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