Question

Moffett Company, which uses the periodic inventory system, has the following records for July of 2017:

		Units	Unit Cost	Total Cost
Beginning inventory		180	$60	$10,800
Purchases:	July 6	100	63	6,300
	July 12	220	66	14,520
	July 19	140	68	9,520
	July 27	160	69	11,040

Moffett sold 580 units during July. Compute the cost of the ending inventory and the cost of goods sold using the following methods:

              Ending Inventory     Cost of Goods Sold

a. FIFO          _______              _______

b. LIFO    _______              _______

c. Weighted-average   _______              _______

d. Compute the inventory turnover under the FIFO method _______  

Answer 1