Larkspur, Inc. had a beginning inventory of 96 units of Product RST at a cost of $8 per unit. During the year, purchases were:
Feb. 20 643 units at $9 Aug. 12 411 units at $11 May 5 480 units at $10 Dec. 8 99 units at $12
Larkspur, Inc. uses a periodic inventory system. Sales totaled 1,450 units.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)
Larkspur, Inc. had a beginning inventory of 96 units of Product RST at a cost of $8 per unit. During the year, purchases were:
| Feb. 20 | 643 | units at | $9 | Aug. 12 | 411 | units at | $11 | |||||||
| May 5 | 480 | units at | $10 | Dec. 8 | 99 | units at | $12 |
Larkspur, Inc. uses a periodic inventory system. Sales totaled 1,450 units.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)
Related questions
Brief Exercise 8-8 LIFO method [LO8-4]
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (25,000 units at $20 each). During 2018, 90,000 units were purchased, all at the same price of $27 per unit. 95,000 units were sold during 2018. Esquire uses a periodic inventory system.
Complete the below table to calculate the December 31, 2018, ending inventory and cost of goods sold for 2018.
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