COLLEGE ACCOUNTING

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

asked by lola
  1. Here are some tutorials and you can go through the links to see if anything helps:

    1. (General) http://search.yahoo.com/search?fr=mcafee&p=periodic+inventory+method+in+accounting+tutorials

    2. (FIFO) http://search.yahoo.com/search?fr=mcafee&p=FIFO+Method+of+accounting+tutorials

    3. (average cost) http://search.yahoo.com/search?fr=mcafee&p=average+cost+method+of+accounting+tutorials

    4. (LIFO method) http://search.yahoo.com/search?fr=mcafee&p=LIFO+method+of+accounting+tutorials

    Sra

    posted by SraJMcGin

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