Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
$\begin{array}{llll}
\text { Apr. } &1 & \text { Beginning inventory } & 90 \text { units @ } \$ 40 \
& 8 & \text { Sales } & 70 \text { units } \
&17 & \text { Purchases } & 150 \text { units @, \$42 }\
&24 & \text { Sales } & 110 \text { units } \
&30 & \text { Purchases } & 60 \text { units @\$44 }
\end{array}$

Question

Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
 $\begin{array}{llll}
\text { Apr. } &1 & \text { Beginning inventory } & 90 \text { units @ } \$ 40 \
& 8 & \text { Sales } & 70 \text { units } \
&17 & \text { Purchases } & 150 \text { units @, \$42 }\
&24 & \text { Sales } & 110 \text { units } \
&30 & \text { Purchases } & 60 \text { units @\$44 } 
\end{array}$

Quizplus · Accepted Answer

The Answer of Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
 $\begin{array}{llll}
\text { Apr. } &1 & \text { Beginning inventory } & 90 \text { units @ } \$ 40 \
& 8 & \text { Sales } & 70 \text { units } \
&17 & \text { Purchases } & 150 \text { units @, \$42 }\
&24 & \text { Sales } & 110 \text { units } \
&30 & \text { Purchases } & 60 \text { units @\$44 } 
\end{array}$

Use the Following Information to Calculate Cost of Goods Sold