Use the following inventory related information for Questions 119-121 6o On Sept

Question

Use the following inventory related information for Questions 119-121 6o On September 1, the beginning inventory for Burkemper Company was 110 units at $100 each. Purchases and sales during September were: Sept7 120 units@ $112 13,440 Sept 12 Sept 17 Sept 25 100 units@$84400 Sept 29 70 units 1, 80 110 units 98 : qG80 90 units81-7S8 7@units @ $88 %4,140 Sept 22 119. What is the cost of ending inventory for Burkemper Company on September 30 if the perlodic LIFO costing method is used? (4 Points) A) $14,320 B) $11,040 $13,240 $13,000 120. What is the cost of goods sold for September for Burkemper Company if the periodic FIFO costing method is used? (4 Points) $27,840 B) $25,760 C) $27,960 D) $27,800 121. What is the cost of ending inventory for September for Burkemper Company if the periodic weighted-average costing method is used? (Round your answer to the nearest dollar) (4 Points) A) $10,932 B) $12,675 $10,726 ) $12,552

Explanation / Answer

Calculate following :

119) cost of ending inventory under periodic ending inventory = $13240

so answer is c) 13240

120) Cost of goods sold under periodic FIFO is 27960

so answer is c) $27960

121) Cost of ending inventory under periodic weighted average is $12675

so answer is b) $12675

FIFO LIFO WEIGHTED AVERAGE No of units available for sale 400 400 400 Cost of units available for sale 39000 39000 39000 Ending inventory (100*84+30*88)=11040 (110*100+20*112)=13240 (39000/400)*130=12675 Cost of goods sold 27960 25760 26325

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