Soles during the year were 545 units. Beginning inventory was 430 units at a cost of $6 per unit. Purchase 1 was 215 units at $7 perunit. Purchase 2 was 115 units at $8 per unit.Required:a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method.b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.Answer is not complete.Complete this question by entering your answers in the tabs below.Required A Required BAssume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.Note: Enter all values as a positive value.Periodic LIFOCost of Goods Available for SaleCost of Goods SoldInventory BalanceNumberof uniteCostperCost ofGoodsNumberCostAvailableof uniteperCost ofGoodsunitBoldunitSoldfor SaleNumber ofunits inendingInventoryCostperunitEndingInventoryBeginning Inventory430S6 S2,580Purchases:Purchase 1215701,50521571,5050Purchase 21158920115 →89200Total760S5,005330S 2,4250S0

Under the periodic system cost of goods sold and ending inventory is recorded at the end of the…

Sales during the year were 545 units. Beginning inventory was 430 units at a cost of 56 per unit. Purchase 1 was 215 units at $7 per unit. Purchase 2 was 115 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.

Sales during the year were 545 units. Beginning inventory was 430 units at a cost of 56 per unit. Purchase 1 was 215 units at $7 per unit. Purchase 2 was 115 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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