Question - Freeman Company uses the periodic inventory system. At the end of the annual accounting period, December 31, 2016, the accounting records in inventory showed:
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Transactions
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Units
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Unit Cost
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|
Beginning inventory, Jan. 1, 2016
|
300
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$20
|
|
Purchase, Feb. 1
|
500
|
21
|
|
Purchase, May 15
|
400
|
22
|
|
Sale, March 15 (sold at $20 each)
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(400)
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|
|
Sale, July 31 (sold at $25 each)
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(500)
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|
Required: Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. To receive partial credit, show calculations.