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.Use four decimal places.
$$\begin{array} { l r l l }
\text { April } & 1 & \text { Beginning inventory } & 60 \text { units } @ \$ 30 \
& 11 & \text { Purchases } & 80 \text { units @ } \$ 32 \
& 21 & \text { Purchases } & 30 \text { units @ } \$ 35
\end{array}$$
Sales for April: 115 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.Use four decimal places.
 $$\begin{array} { l r l l } 
\text { April } & 1 & \text { Beginning inventory } & 60 \text { units } @ \$ 30 \
& 11 & \text { Purchases } & 80 \text { units @ } \$ 32 \
& 21 & \text { Purchases } & 30 \text { units @ } \$ 35
\end{array}$$ 
Sales for April: 115 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.Use four decimal places.
 $$\begin{array} { l r l l } 
\text { April } & 1 & \text { Beginning inventory } & 60 \text { units } @ \$ 30 \
& 11 & \text { Purchases } & 80 \text { units @ } \$ 32 \
& 21 & \text { Purchases } & 30 \text { units @ } \$ 35
\end{array}$$ 
Sales for April: 115 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Calculate the Cost of Goods Sold Under Each of the Following