P2. The inventory, purchases, and sales of Product ISO for March and April are listed below. The company closes its books at the end of each month. It uses the periodic inventory system.
Mar. 1 Beginning inventory 60 units @ $ 49
10 Purchase 100 units @ $ 52
19 Sale 90 units
31 Ending inventory 70 units
Apr. 4 Purchase 120 units @ $ 53
15 Purchase 50 units @ $ 54
23 Sale 200 units
25 Purchase 100 units @ $ 55
30 Ending inventory 140 units
1. Compute the cost of the ending inventory on March 31 and April 30 using the average-cost method, FIFO method, LIFO method. In addition, determine cost of goods sold for March and April. Round unit costs to cents and totals to dollars.
March 31 ending inventory $ ? ? ?
Cost of goods sold for March $ ? ? ?
April 30 ending inventory $ ? ? ?
Cost of goods sold for April $ ? ? ?
2006-10-24 10:23:29 · 1 answers · asked by plow the field 1 in Education & Reference ➔ Higher Education (University +)
dont be a smartass. I tried doing this HW all day and only managed to do 2 out of 12 questions. Getting desperate now.
2006-10-24 10:32:50 · update #1
Do your own homework! lol!!!
2006-10-24 10:31:35 · answer #1 · answered by educated guess 5 · 0⤊ 0⤋