Connect has been selling cellular phones for the last five years. Its best-selling model is the E-PHONE, and costs have been falling quickly recently (although selling prices to Connect's customers are stable). The following information pertains to the E-PHONE inventory for August 2013:
Required:
a. If Connect uses the FIFO method under a periodic inventory system, what would be the cost of ending inventory for August 2013?
b. If Connect uses the weighted-average method under a periodic inventory system, what would be the cost of goods sold for August 2013?
c. If Connect uses the weighted-average method under a perpetual inventory system, what would be the cost of ending inventory for August 2013?

Question

Connect has been selling cellular phones for the last five years. Its best-selling model is the E-PHONE, and costs have been falling quickly recently (although selling prices to Connect's customers are stable). The following information pertains to the E-PHONE inventory for August 2013:
  Required:
a. If Connect uses the FIFO method under a periodic inventory system, what would be the cost of ending inventory for August 2013?
b. If Connect uses the weighted-average method under a periodic inventory system, what would be the cost of goods sold for August 2013?
c. If Connect uses the weighted-average method under a perpetual inventory system, what would be the cost of ending inventory for August 2013?

Quizplus · Accepted Answer

The Answer of Connect has been selling cellular phones for the last five years. Its best-selling model is the E-PHONE, and costs have been falling quickly recently (although selling prices to Connect's customers are stable). The following information pertains to the E-PHONE inventory for August 2013:
  Required:
a. If Connect uses the FIFO method under a periodic inventory system, what would be the cost of ending inventory for August 2013?
b. If Connect uses the weighted-average method under a periodic inventory system, what would be the cost of goods sold for August 2013?
c. If Connect uses the weighted-average method under a perpetual inventory system, what would be the cost of ending inventory for August 2013?

Connect Has Been Selling Cellular Phones for the Last Five