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Periodic Inventory System and Inventory Costing Methods Portia's Parts Shop recorded the following purchases and sales during the past year:1...
Periodic Inventory System and Inventory Costing Methods
Portia's Parts Shop recorded the following purchases and sales during the past year:
Jan.1 Beginning inventory 125 cases @ $23 $ 2,875
Feb.25 Purchase 100 cases @ $26 2,600
June 15 Purchase 200 cases @ $28 5,600
Oct.15 Purchase 150 cases @ $28 4,200
Dec.15 Purchase 140 cases @ $30 4,200
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Goods available for sale 715 $19,475
Total sales 500 cases
Dec.31 Ending inventory 215 cases
Assume for the specific identification method that the company sold all of the June 15 purchase and 100 cases each from the January 1 beginning inventory, the October 15 purchase, and the December 15 purchase.
Determine the costs that should be assigned to ending inventory and cost of goods sold according to the periodic inventory method under each of the assumptions that follow.
Costs are assigned by the specific identification method.
Cost of goods sold:$
Ending inventory:$
Costs are assigned by the average-cost method. In your calculations round average unit cost to the nearest dollar and round your final answers to the nearest dollar.
Cost of goods sold:$
Ending inventory:$
Costs are assigned by the FIFO method. Round your answers to the nearest dollar.
Cost of goods sold:$
Ending inventory:$
Costs are assigned by the LIFO method. Round your answers to the nearest dollar.
Cost of goods sold:$
Ending inventory:$
