Accounting – Date Description Units Unit Cost or Selling Price

| January 31, 2017

Question
. 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

$

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$

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$

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The cost of goods sold

$

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$

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$

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Gross profit

$

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$

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$

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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). (Round answers to 0 decimal places, e.g. $2,120.)

Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). (Round answers to 0 decimal places, e.g. $2,120.)

FIFO

LIFO

averGE-COST

The ending inventory

$

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14673

$

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$

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The cost of goods sold

$

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20586

$

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$

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