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.
$\begin{array} { l l l }
\text { April } 1 \text { Beginning inventory } & 20 \text { units } \$ \$ 30 \
11 & \text { Purchases } & 70 \text { units } @ \$ 32 \
21 & \text { Purchases } & 50 \text { units } @ \$ 35
\end{array}$ 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.
 $\begin{array} { l l l } 
\text { April } 1 \text { Beginning inventory } & 20 \text { units } \$ \$ 30 \
11 & \text { Purchases } & 70 \text { units } @ \$ 32 \
21 & \text { Purchases } & 50 \text { units } @ \$ 35
\end{array}$  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.
 $\begin{array} { l l l } 
\text { April } 1 \text { Beginning inventory } & 20 \text { units } \$ \$ 30 \
11 & \text { Purchases } & 70 \text { units } @ \$ 32 \
21 & \text { Purchases } & 50 \text { units } @ \$ 35
\end{array}$  Sales for April: 115 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Calculate the Cost of Goods Sold Under Each of the Following