QUESTION 16

Youssef Co. uses a periodic inventory system. Its records show the following for the month of August, in which 68 units are sold.

		Units	Unit cost	Total cost
August 1	Inventory	30	$9	$ 270
15	Purchases	22	11	242
24	Purchases	38	12	456
	Totals	90		968

Instructions:

Compute the ending inventory on August 30 and cost of goods sold using FIFO and average-cost methods.

Please show all workings.