Data: Date Item Units Cost per unit Dec. 1 Inventory 30 $12 Dec. 10 Purchase 60...

Data:

Date Item Units Cost per unit

Dec. 1 Inventory 30 $12

Dec. 10 Purchase 60 $13

Dec. 20 Purchase 40 $14

Dec. 12 Sale 40

Dec. 27 Sale 15

Required: (1) Find the ending inventory and the cost of goods sold for December under the

periodic inventory system using the following inventory costing methods.

(a) average cost

(b) FIFO

(2) Also find ending inventory and the cost of goods sold for the month of December

under the perpetual inventory system using the LIFO inventory costing system.

Solutions

Expert Solution

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ekkarill92 answered 1 year ago

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