Determine the ending inventory and the cost of goods sold

Question

Question 1

For the month ended October 31, 2012. Aylesworth uses a periodic method for inventory.

Date		Description		Units		Unit Cost or Selling Price
October 1		Beginning inventory		61		$23
October 9		Purchase		122		24
October 11		Sale		102		33
October 17		Purchase		71		25
October 22		Sale		61		38
October 25		Purchase		82		26
October 29		Sale		112		38

		LIFO		FIFO		AVERAGE-COST
The ending inventory		$		$		$
The cost of goods sold		$		$		$
Gross profit		$		$		$

Question 2

Lu Company had a beginning inventory of 876 units of Product Ribo at a cost of $3 per unit. During the year, purchases were:

Feb. 20		1,314		@		$7		Aug. 12		657		@		$13
May 5		1,095		@		$8		Dec. 8		438		@		$14

Lu Company uses a periodic inventory system. Sales totaled 3,285 units.

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

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

		FIFO		LIFO		averGE-COST
The ending inventory		$ 14673		$		$
The cost of goods sold		$ 20586		$		$