eBook Calculator Periodic inventory by three methods FIFO LIFOWeighted Average F

Question

eBook Calculator Periodic inventory by three methods FIFO LIFOWeighted Average Final Question The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows. Date Transaction Number of Units Per Unit Total $ 562,500 1,912,500 1,687,500 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale 10 Purchase 16 Sale 28 Sale 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7.500 26.250 75.00 85.00 150.00 150.00 150.00 87.50 4,725,000 160.004.320,000 Jan. 562,500 Feb. 225,000 160004080,000 4,027,500 4,800,000 675,000 160.00 4 200,000 Mar 5 Purchase 14 Sale 25 Purchase 30 Sale 89.50 160.00 90.00 Check My Work oe 15 17 18 f9 f10 (12

Explanation / Answer

Calculate ending inventory and cost of goods sold under LIFO periodic method

Ending inventory = (7500*75+3750*85) = 881250

Cost of goods sold = 11021250

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