Assuming that the periodic inventory method is used, compute the inventory cost
ID: 2448193 • Letter: A
Question
Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.)
(1) FIFO.
(2) LIFO.
(3) Weighted-average.
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Selling Price
Total
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Selling Price
Total
July 1 Balance 180 $3.71 $ 668 6 Purchase 1,440 3.42 4,925 7 Sale 540 $7.00 $ 3,780 10 Sale 540 7.22 3,899 12 Purchase 720 4.54 3,269 15 Sale 360 7.53 2,711 18 Purchase 540 5.23 2,824 22 Sale 720 7.90 5,688 25 Purchase 900 5.01 4,509 30 Sale 360 8.18 2,945 Totals 3,780 $16,195 2,520 $19,023Explanation / Answer
Assuming that the periodic inventory method is used, compute the inventory cost