At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions:
During the current period, Viraat sells 340 units.
a. Assume Viraat uses the . Compute the cost of goods sold for the current period and the ending inventory balance for this product.
b. Assume Viraat uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
c. Assume Viraat uses the weighted-average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.

Question

At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions:
  During the current period, Viraat sells 340 units.
a. Assume Viraat uses the . Compute the cost of goods sold for the current period and the ending inventory balance for this product.
b. Assume Viraat uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
c. Assume Viraat uses the weighted-average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.

Quizplus · Accepted Answer

The Answer of At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions:
  During the current period, Viraat sells 340 units.
a. Assume Viraat uses the . Compute the cost of goods sold for the current period and the ending inventory balance for this product.
b. Assume Viraat uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
c. Assume Viraat uses the weighted-average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.

At the Beginning of the Current Period, Viraat Industries, Which