Periodic Merchandising - In class assignment On January 1, 2020, Ms. P's company P-Plumbing Equipment Inc. had a beginning inventory of 30 toilet seats which had a cost of $11 each. During the year, Ms. P made the following purchases: March 14 Purchased 20 units for $11 June 18 Purchased 40 units for $12 October 27 Purchased 10 units for $13 December 21 Purchased 20 units for $13 During the year the company sold 70 units. Instructions: Determine the cost of goods available for sale, assuming that the company is using a periodic inventory system.

Determine the cost of goods sold and ending inventory using FIFO, LIFO and Weighted Average.

Answer rating: 100% (QA)

To determine the cost of goods available for sale using a periodic inventory system we need to calculate the total cost of all purchases made during the year Given data Beginning inventory 30 toilet s... View the full answer