question archive company uses a periodic inventory system to account for ending inventory and cost of goods sold
company uses a periodic inventory system to account for ending inventory and cost of goods sold
Subject:AccountingPrice: Bought3
company uses a periodic inventory system to account for ending inventory and cost of goods sold. During the year, the company had the following transactions:
The company uses a periodic inventory system to account for ending inventory and cost of goods sold. During the year, the company had the following transactions:
Jan. 1
Beginning inventory.........60 units @ $105=$6,300
Feb. 8
Purchase........................30 units @ $115=$3,450
Sept. 11
Purchase........................90 units @ $125= $11,250
Nov. 23
Purchase........................20 units @ $135=$2,700
Total available for sale.....200 units $23,700
At the end of the year, the company had 65 units on hand.
Answer the following questions based on the scenario above:
-What is the cost of ending inventory at December 31 under periodic average cost?
-What is the cost of ending inventory at December 31 under periodic FIFO?
-What is the cost of ending inventory at December 31 under periodic LIFO?
-What amount of cost of goods sold is reported on the income statement using periodic average cost?
-What amount of cost of goods sold is reported on the income statement using periodic FIFO?
-What amount of cost of goods sold is reported on the income statement using periodic LIFO?
