Freeman Company uses the periodic inventory system and applied LIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records in inventory showed: Required:
Calculate the following:
1. Cost of goods available for sale
2. Ending inventory
3. Cost of goods sold

Question

Freeman Company uses the periodic inventory system and applied LIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records in inventory showed:  Required:
Calculate the following:
1. Cost of goods available for sale
2. Ending inventory
3. Cost of goods sold

Quizplus · Accepted Answer

The Answer of Freeman Company uses the periodic inventory system and applied LIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records in inventory showed:  Required:
Calculate the following:
1. Cost of goods available for sale
2. Ending inventory
3. Cost of goods sold

Freeman Company Uses the Periodic Inventory System and Applied LIFO