Question

# Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 \$30 \$4,500 1/24...

 Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 \$30 \$4,500 1/24 Purchase 70 33 2,310 2/22 Sale (100) - - 3/7 Purchase 90 35 3,150 4/10 Purchase 140 36 5,040 6/11 Sale (100) - - 9/28 Purchase 50 38 1,900 12/4 Sale (100) - -

1. What is the cost of goods sold under a FIFO periodic inventory system?
1. \$10,500
2. \$9,610
3. \$7,290
4. \$6,150
2. What is the ending inventory under a LIFO periodic inventory system?
1. \$10,500
2. \$9,610
3. \$7,290
4. \$6,150
3. What is the cost of goods sold under a LIFO perpetual inventory system?
1. \$10,500
2. \$9,610
3. \$7,290
4. \$6,150
4. What is the ending inventory under a FIFO perpetual inventory system?
1. \$10,500
2. \$9,610
3. \$7,290
4. \$6,150

Total Units available for sale = 150+70+90+140+50 = 500 Units

Units sales = 100+100+100 = 300 Units

1) FIFO periodic Cost of goods sold = (150*30+70*33+80*35) = 9610

2) LIFO Periodic Ending inventory  = (150*30+50*33) = 6150

3) LIFO Perpetual Cost of goods sold = (70*33+30*30+100*36+50*38+40*36+10*35) = 10500

4) FIFO Ending inventory = (50*38+140*36+10*35) = 7290

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