Posted by **lola** on Friday, June 18, 2010 at 8:04pm.

Sunset Company uses the periodic inventory method and had the following inventory information available:

Units Unit Cost

1/1 Beginning Inventory 200 $6.20

1/20 Purchase 300 $6.50

7/25 Purchase 200 $6.80

10/20 Purchase 300 $7.00

A physical count of inventory on December 31 revealed that there were 150 units on hand. Therefore, 850 units were sold.

Instructions

Answer the following independent questions and show computations supporting your answers.

1. Assume that the company uses the FIFO method. Calculate 1) Costs of Goods Sold and 2) Value of Ending Inventory:

2. Assume that the company uses the average cost method. Calculate 1) Costs of Goods Sold and 2) Value of Ending Inventory:

3. Assume that the company uses the LIFO method. Calculate 1) Costs of Goods Sold and 2) Value of Ending Inventory:

(SHOW ALL YOUR WORK)

HELP PLEASSSEEE

## Answer This Question

## Related Questions

- Business Math - Using the FIFO method of inventory pricing, what is the dollar ...
- Business Finance - Using the FIFO method of inventory pricing, what is the ...
- CONTEMPORARY MATH - HOW DID THEY GET THIS ANSWER? PHYSICAL INVENTORY OF PICTURE ...
- accounting - Anthony Company uses a perpetual inventory system. It entered into ...
- Accounting - Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1...
- Math - I have 2 questions involving inventory Question 1. Your a manager of an ...
- accounting - Eddings Company had a beginning inventory of 400 units of Product ...
- math - Eddings Company had a beginning inventory of 400 units of Product XNA at ...
- Finance accounting - Eddings Company had a beginning inventory of 400 units of ...
- cuyamaca - Eddings Company had a beginning inventory of 400 units of Product XNA...

More Related Questions