Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 400 units of Product
May 6 375 units at $9 May 4 275 units
14 250 units at $10 8 300 units
21 300 units at $11 22 400 units
28 425 units at $13 24 225 units
Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations.
(a) Average – ending inventory = $_________; Cost of Goods Sold = $_________.
(b) FIFO – ending inventory = $_________; Cost of Goods Sold = $_________.
(c) LIFO – ending inventory = $_________; Cost of Goods Sold = $_________. Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Question Posted: May 14, 2012 03:54:50