Lucas Corporation uses the periodic inventory system and the following information about their laptop computer is available:
|
Date
|
Transaction
|
Number of Units
|
Cost per Unit
|
|
1/1
|
Beginning Inventory
|
50
|
$ 300
|
|
5/5
|
Purchase
|
200
|
$ 320
|
|
8/10
|
Purchase
|
300
|
$ 350
|
|
10/15
|
Purchase
|
200
|
$ 360
|
During the year, 600 laptop computers were sold.
- What was ending inventory under the FIFO cost flow assumption?
- What was Cost of Goods Sold under the LIFO cost flow assumption?
- What was Cost of Goods Sold under the Weighted Average cost flow assumption?