The records of Atlantis Company reflected the following for the month of February: $$\begin{array} { l l c c }
\text { Date } &{ \text { Transaction } } & \text { Number of Units } & \text { Unit Cost } \
2 / 1 & \text { Beginning inventory } & 600 & \$ 3 \
2 / 2 & \text { Purchase No.1 } & 500 & \$ 4 \
2 / 5 & \text { Sale No. 1 } & 700 & \
2 / 12 & \text { Purchase No. 2 } & 600 & \$ 5 \
2 / 15 & \text { Sale No. 2 } & 700 & \
2 / 23 & \text { Purchase No. 3 } & 900 & \$ 6 \
2 / 28 & \text { Ending inventory } & ? &
\end{array}$$ Required:
Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods:

Question

The records of Atlantis Company reflected the following for the month of February: $$\begin{array} { l l c c } 
\text { Date } &{ \text { Transaction } } & \text { Number of Units } & \text { Unit Cost } \
2 / 1 & \text { Beginning inventory } & 600 & \$ 3 \
2 / 2 & \text { Purchase No.1 } & 500 & \$ 4 \
2 / 5 & \text { Sale No. 1 } & 700 & \
2 / 12 & \text { Purchase No. 2 } & 600 & \$ 5 \
2 / 15 & \text { Sale No. 2 } & 700 & \
2 / 23 & \text { Purchase No. 3 } & 900 & \$ 6 \
2 / 28 & \text { Ending inventory } & ? &
\end{array}$$ Required:
Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods:

Quizplus · Accepted Answer

The Answer of The records of Atlantis Company reflected the following for the month of February: $$\begin{array} { l l c c } 
\text { Date } &{ \text { Transaction } } & \text { Number of Units } & \text { Unit Cost } \
2 / 1 & \text { Beginning inventory } & 600 & \$ 3 \
2 / 2 & \text { Purchase No.1 } & 500 & \$ 4 \
2 / 5 & \text { Sale No. 1 } & 700 & \
2 / 12 & \text { Purchase No. 2 } & 600 & \$ 5 \
2 / 15 & \text { Sale No. 2 } & 700 & \
2 / 23 & \text { Purchase No. 3 } & 900 & \$ 6 \
2 / 28 & \text { Ending inventory } & ? &
\end{array}$$ Required:
Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods:

The Records of Atlantis Company Reflected the Following for the Month