Q No. 02: BRAD Company uses a periodic inventory system. The company records show purchases and...

Transcribed Image Text:

Q No. 02: BRAD Company uses a periodic inventory system. The company records show purchases and sales of several time. Determining the cost of ending inventory by using LAST IN FIRST OUT (LIFO) And FIRST IN FIRST OUT (FIFO) Methods. (18) Date Sep 01 Sep 10 Sep 20 Sep 30 Oct 02 Oct 10 Purchase Purchase Sold Sold Purchase Sold Units 40 20 30 20 20 05 Per Unit Cost $10 $11 $10 Total Cost 400 200 2200 Q No. 02: BRAD Company uses a periodic inventory system. The company records show purchases and sales of several time. Determining the cost of ending inventory by using LAST IN FIRST OUT (LIFO) And FIRST IN FIRST OUT (FIFO) Methods. (18) Date Sep 01 Sep 10 Sep 20 Sep 30 Oct 02 Oct 10 Purchase Purchase Sold Sold Purchase Sold Units 40 20 30 20 20 05 Per Unit Cost $10 $11 $10 Total Cost 400 200 2200

Answer rating: 100% (QA)

To determine the cost of ending inventory using the LAST IN FIRST OUT LIFO and FIRST IN FIRST OUT FI... View the full answer