Homework Help: Finance accounting

Posted by Linda on Wednesday, May 11, 2011 at 1:00pm.

Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were:

Feb. 20 600 units at $9 Aug. 12 300 units at $11
May 5 500 units at $10 Dec. 8 200 units at $12

Eddings Company uses a periodic inventory system. Sales totaled 1,500 units.

Determine the cost of goods available for sale
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.

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