The college campus bookstore uses a periodic inventory system.The bookstore purchases 400 copies of a textbook at $70 each in June,1,000 copies in August at $72 each,and 600 copies in December at $75 each.The bookstore sold 1,900 copies of the textbook during the year.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
Part a.FIFO
Part b.LIFO
Part c.Weighted Average

Question

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The Answer of The college campus bookstore uses a periodic inventory system.The bookstore purchases 400 copies of a textbook at $70 each in June,1,000 copies in August at $72 each,and 600 copies in December at $75 each.The bookstore sold 1,900 copies of the textbook during the year.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
Part a.FIFO
Part b.LIFO
Part c.Weighted Average

The College Campus Bookstore Uses a Periodic Inventory System