Question - Flip uses the periodic method and had the following inventory events during January:
|
Date
|
Units Purchased
|
Unit Cost
|
Date
|
Units Sold
|
Unit Sales Price
|
|
Jan. 1
|
150
|
$7.00
|
Jan. 2
|
100
|
$10.00
|
|
Jan. 5
|
225
|
7.25
|
Jan. 7
|
125
|
10.00
|
|
Jan. 10
|
100
|
7.50
|
Jan. 12
|
75
|
12.00
|
|
Jan. 15
|
150
|
7.50
|
Jan. 17
|
200
|
12.00
|
|
Jan. 20
|
200
|
7.75
|
Jan. 24
|
150
|
15.00
|
|
Jan. 25
|
150
|
8.00
|
|
|
|
|
Jan. 30
|
75
|
8.25
|
|
|
|
Note: January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required: Calculate the value of Ending Inventory and Cost of Goods Sold under the following independent assumptions:
1) LIFO method
2) FIFO method
3) Average-cost method