Q1. Kaleta Company uses a periodic system reports the following for the month of June.
|
|
|
Units
|
Unit Cost
|
Total Cost
|
|
June 1
|
Inventory
|
300
|
$6
|
$1,800
|
|
12
|
Purchase
|
600
|
7
|
4,200
|
|
23
|
Purchase
|
450
|
12
|
5,400
|
|
30
|
Inventory
|
150
|
|
|
Required - Compute of cost of the ending inventory and the cost of goods sold under FIFO and LIFO.
Q2. Linda's Boards sells a snowboard, XPert, that is popular with snowboard enthusiasts. Information relating to Linda's purchase of Xpert snowboarding during September is shown below. During the same month, 254 Epert snowboards were sold. Linda's uses a periodic inventory system.
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
|
Sept. 1
|
Inventory
|
55
|
$97
|
$5,335
|
|
Sept. 12
|
Purchases
|
95
|
104
|
9,880
|
|
Sept. 19
|
Purchase
|
42
|
109
|
4,578
|
|
Sept. 26
|
Purchases
|
105
|
114
|
11,970
|
|
|
Totals
|
297
|
|
$31,763
|
Required - Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.