Gradebook ORION Downloadable eTextbook nt 04:13 PM/ Beginning inventory PRINTER

Question

Gradebook ORION Downloadable eTextbook nt 04:13 PM/ Beginning inventory PRINTER VERSION 4BA 3,100 units at $5 7,900 units at $6 9,300 units at $10 Sales Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to o decimal places, e.g. 1,250.) Cost of goods sold during the period Determine cost of goods sold during the period under a periodic inventory system using the LIFO method. (Round answer to 0 declmal places, e.g. 1,250.) LIFO Cost of goods sold during the period s Determine cost of goods sold during the period under a periodic inventory system using the average-cost method. (Round average-cost per unit to 3 decimal places, e.g 12.502 and final answer to O decimal places,e.g. 1,250.) Average cost Cost of goods sold during the period s rch 0??

Explanation / Answer

Amount Per unit cost Units Beginning inventory 15500 5 3100 Purchases 47400 6 7900 Cost of goods available for sale 62900 11000 Average cost 5.72 Less units sold 9300 Ending inventory 1700 Cost of goods sold Average cost 53179 (9300*5.72) FIFO Units Per unit Total Purchases 6200 6 37200 Beginning inventory 3100 5 15500 Total 9300 52700 LIFO Beginning inventory 1400 5 7000 Purchases 7900 6 47400 Total 1700 8500

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