Kavenja Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases of Whamo for the month of March. At the end of the month there were 120 units on hand. Kavenja Company uses the periodic inventory system. Instructions
a. Using the FIFO cost formula, calculate the cost of goods sold for March. (Show calculations.)
b. Using the average cost formula, calculate the inventory on hand on March 31. (Show calculations.)

Question

Kavenja Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases of Whamo for the month of March. At the end of the month there were 120 units on hand. Kavenja Company uses the periodic inventory system.  Instructions 
a. Using the FIFO cost formula, calculate the cost of goods sold for March. (Show calculations.)
b. Using the average cost formula, calculate the inventory on hand on March 31. (Show calculations.)

Quizplus · Accepted Answer

The Answer of Kavenja Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases of Whamo for the month of March. At the end of the month there were 120 units on hand. Kavenja Company uses the periodic inventory system.  Instructions 
a. Using the FIFO cost formula, calculate the cost of goods sold for March. (Show calculations.)
b. Using the average cost formula, calculate the inventory on hand on March 31. (Show calculations.)

Kavenja Company Sells Many Products