Question: Sky Store uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Date
Sky Store uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Date April 1 May 15 June 30 September 25 Units Cost per unit Total Cost 500 7.00 1000 $ 7.50 1600 8.00 1500 $ 8.25 $3,500.00 $7,500.00 12,800.00 12,375.00 Total Available for sale in year 4600 36,175.00 At September 30, the ending inventory of this product consisted of 1,500 units. Determine the cost of the fiscal year-end inventory and the cost of goods sold for this product under each of the following methods of inventory valuation: Show your work. Inventory on Sept 30 Cost of Goods Sold FIFO LIFO Average Cost
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