Question

The Cog Company sells many products. Tog is one of its popular items. Below is an analysis of the inventory purchases and sales of Tog for the month of March:

3/1   Beginning inventory 80 units at $10

3/5    Sold 40 units at $15

3/10 Purchased 120 units at $11

3/15 Sold 90 units at $15

3/20 Purchased 100 units at $12

3/25 Sold 80 units at $15

Part 1 - Provide the following assuming Cog Company uses a perpetual inventory system.

FIFO – perpetual

1) Ending Inventory $

2) Cost of Goods Sold $   

3) Gross Profit $

LIFO – perpetual

4) Ending Inventory  $

5) Cost of Goods Sold $  

6) Gross Profit $

Moving Average – perpetual

7) Ending Inventory $

8) Cost of Goods Sold $

9) Gross Profit $

Part 2 - Now, provide the following assuming Cog Company uses a periodic inventory system.

FIFO - periodic – 10) Ending Inventory $

LIFO – periodic 11) Ending Inventory $  

Weighted Average - periodic 12) Ending Inventory $  

Answer 1