Dixie Company uses the periodic inventory system. Below is the inventory information for the month of March for one of its most popular items:
Units Unit Cost
3/1 Beginning Inventory 100 $40
3/3 Purchase 60 $50
3/10 Purchase 200 $55
3/22 Purchase 40 $60
A physical count of inventory on March 31 revealed that there were 150 units on hand.
Compute 1) the value of the ending inventory and 2) the cost of goods sold under the FIFO method:
Compute 1) the value of the ending inventory and 2) the cost of goods sold under the LIFO method:
Compute 1) 1) the value of the ending inventory and 2) the cost of goods sold under the average cost method:
Dixie Company uses the periodic inventory system. Below is the inventory information for the month of March for one of its most popular items:
Units Unit Cost
3/1 Beginning Inventory 100 $40
3/3 Purchase 60 $50
3/10 Purchase 200 $55
3/22 Purchase 40 $60
A physical count of inventory on March 31 revealed that there were 150 units on hand.
Compute 1) the value of the ending inventory and 2) the cost of goods sold under the FIFO method:
Compute 1) the value of the ending inventory and 2) the cost of goods sold under the LIFO method:
Compute 1) 1) the value of the ending inventory and 2) the cost of goods sold under the average cost method:
For unlimited access to Homework Help, a Homework+ subscription is required.
Related textbook solutions
Related questions
Alpha Company uses the periodic inventory system and had the following inventory & sales activity for 2016:
Date |
Activity |
Quantity |
Unit Price |
5/1 |
Beginning Inventory |
175 |
$10 |
5/5 |
Purchase |
200 |
$12 |
5/15 |
Purchase |
300 |
$15 |
5/25 |
Purchase |
150 |
$16 |
Sales were 545 units at $25. Using the LIFO method, determine the dollar values following for them
1. Ending Inventory
2. Cost of Goods Available for Sale
3. Cost of Goods Sold