ACC 100 Chapter Notes - Chapter 6: Gross Margin, Uptodate, Historical Cost
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The college campus bookstore uses a periodic inventory system. The bookstore purchases 445 copies of a textbook at $70 each in June, 975 copies in August at $72 each, and 610 copies in December at $75 each. The bookstore sold 1,870 copies of the textbook during the year. |
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Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. A. FIFO 1. Cost of Goods Sold 2. Ending Inventory B. LIFO 1. Cost of Goods Sold 2. Ending Inventory C. Weighted Average Cost Method 1. Cost of Goods Sold 2. Ending Inventory |
The college campus bookstore uses a periodic inventory system.The bookstore purchases 420 copies of a textbook at $66 each inJune, 975 copies in August at $68 each, and 600 copies in Decemberat $71 each. The bookstore sold 1,890 copies of the textbook duringthe year.
Required: Calculate the company's endinginventory and cost of goods sold using the each of followinginventory costing methods.
A) FIFO
Cost of Goods Sold:
Ending Inventory:
B) LIFO
Cost of Goods Sold:
Ending Inventory:
Weighted Average cost method. (Round your intermediate calculationsto 2 decimal places and final answers to the nearest dollaramount.)
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