How can i calculate Cost of goods sold and ending inventory using FIFO, LIFO and the...

How can i calculate Cost of goods sold and ending inventory using FIFO, LIFO and the periodic system given the information below?

On December 1, 2017, Ivanhoe Company had the account balances shown below.

	Debits		Credits
Cash	$5,180	Accumulated Depreciation—Equipment	$1,460
Accounts Receivable	4,230	Accounts Payable	2,710
Inventory (2,900 x $0.60)	1,740	Common Stock	10,200
Equipment	21,400	Retained Earnings	18,180
	$32,550		$32,550

The following transactions occurred during December.

Dec. 3		Purchased 3,900 units of inventory on account at a cost of $0.70 per unit.
5		Sold 4,300 units of inventory on account for $1.00 per unit. (It sold 2,900 of the $0.60 units and 1,400 of the $0.70.)
7		Granted the December 5 customer $100 credit for 100 units of inventory returned costing $70. These units were returned to inventory.
17		Purchased 2,300 units of inventory for cash at $0.80 each.
22		Sold 2,000 units of inventory on account for $0.86 per unit. (It sold 2,000 of the $0.70 units.)

Adjustment data:

1.		Accrued salaries and wages payable $320.
2.		Depreciation on equipment $220 per month.
3.		Income tax expense was $190, to be paid next year.

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ekkarill92 answered 1 year ago

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