Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.Round to four decimal places.
$$\begin{array} { l r l l }
\text { May } & 1 & \text { Beginuing inventory } & 70 @ \$ 25 \
& 10 & \text { Purchases } & 90 @ \$ 28 \
& 19 & \text { Purchases } & 50 @ \$ 30
\end{array}$$
May 1-31 Sales 130 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Question

Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.Round to four decimal places.
 $$\begin{array} { l r l l } 
\text { May } & 1 & \text { Beginuing inventory } & 70 @ \$ 25 \
& 10 & \text { Purchases } & 90 @ \$ 28 \
& 19 & \text { Purchases } & 50 @ \$ 30
\end{array}$$ 
May 1-31 Sales 130 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Quizplus · Accepted Answer

The Answer of Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.Round to four decimal places.
 $$\begin{array} { l r l l } 
\text { May } & 1 & \text { Beginuing inventory } & 70 @ \$ 25 \
& 10 & \text { Purchases } & 90 @ \$ 28 \
& 19 & \text { Purchases } & 50 @ \$ 30
\end{array}$$ 
May 1-31 Sales 130 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Calculate the Cost of Goods Sold Under Each of the Following