Problem
State Company uses the periodic inventory system. For the month of April 20x4, when the company sold 700 units, the following information was available:
April 1 20x4
250 units
Cost per unit $10
Total cost $ 2,500
April 15, 20x4
400 units
Cost per unit $12
Total cost $ 4,800
April 23, 20x4
350 units
Cost per unit $13
Total cost $ 4,550
1. Determine inventory and cost of goods sold as of April 30 using the average cost method.
2. Determine inventory and cost of goods sold as of April 30 using the FIFO method.
3. Determine inventory and cost of goods sold as of April 30 using the LIFO method.