Question

The college campus bookstore uses a periodic inventory system. The bookstore purchases 400 copies of a textbook at $70 each in June, 1,000 copies in August at $72 each, and 600 copies in December at $75 each. The bookstore sold 1,900 copies of the textbook during the year.

Required:

Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

Part a. FIFO

Part b. LIFO

Part c. Weighted Average

Answer

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