Question

In: Accounting

Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for...

Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for the month of March.

Units Cost Per Unit

Beginning Inventory (March 1) 250 $12

Purchase (March 25th) 130 $13

Purchase (March 28th) 285 $15

Sale (March 30th) 350

1. If the company uses a FIFO inventory method, what will be COST OF GOODS SOLD for the month of March? (please only enter positive numbers)

Use the same information as for Question 1 If the company uses a LIFO inventory method what will be the value of ENDING INVENTORY? (please only enter positive numbers)

Use the same information as in Question 1. If the company uses a Weighted Average inventory method, what will be the WEIGHTED AVERAGE COST PER UNIT? (please round to two decimals)

Solutions

Expert Solution

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.


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