CTION?-INVENTORY-42PO?NIS Devon\'s Kitten Sweaters Inc. has the following transa

Question

CTION?-INVENTORY-42PO?NIS Devon's Kitten Sweaters Inc. has the following transactions Transactien Date 11/1 Reginning Inventory60 11/4 11/S ! Unite ! Unit CostPrice-?(G)5 | El 524 26 Purchase 120 135 Sale 11/15 |Purchase 11/25Purchase 11/28 Sale 11/30-1 Endng1nventory 1-100 70 135 80 NOTE: No peints will be earned unless you show all calcalations including the ending inventory the number of units in each layer and the cost assigned to each unit 18. Compute Ending Inventery using PERIODIC FIFO. 19. Compute Ending Inventory using PERPETUAL LIFO. 20. Compute Cost of Goeds Sold using PERIODIC AVERAGE COST n caleulating wnit cost round to the nearest cent.(2 decimal places

Explanation / Answer

Solution:

FIFO: $2300

LIFO: $1960

Average cost: $7166.57

Working:

FIFO: (70 Units * $29) + (10 units * $27) = $2300

LIFO: (60 Units * $24) + (20 units * $26) = $1960

Average cost: 270 units * 9290/350 = 7166.57

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