SOLUTION: Lan Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of
80 units at a cost of $6 per unit. During April, the following pu
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80 units at a cost of $6 per unit. During April, the following pu
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Question 1000317: Lan Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of
80 units at a cost of $6 per unit. During April, the following purchases and sales were made.
Purchases Sales
April 7 60 units at $7.00 April 5 120 units at $20
13 120 units at $7.50 11 90 units at $20
23 90 units at $8.00 20 80 units at $20
29 50 units at $8.80 30 40 units at $20
320 330
Instructions: Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b)
FIFO, and (c) LIFO. Provide appropriate supporting calculations.
(1) Average - Ending Inventory = $_________; Cost of Goods Sold = $_________.
(2) FIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________.
(3) LIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________ Answer by solver91311(24713) (Show Source):
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John
My calculator said it, I believe it, that settles it
