Question

Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost June 1 Inventory 12 Purchases 2,310 23 Purchases 1,358 30 Inventory 240 $ 580 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round to 3 decimal places, e.g. 5.275. Round answers to decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold Click if you would like to Show Work for this question: Doen Show Work

Answer 1

Answers	Ending inventory	COGS
FIFO ( periodic )	1634	2614
LIFO ( periodic )	1324	2924
Avg. cost ( periodic )	1466.935252	2781.064748
Working Notes - Bridgeport Company
FIFO ( periodic )
	Cost of goods available for sale			COGS			Ending Inventory
Date	No. of units	cost p.u	Cost of goods available for sale	No. of units	cost p.u	COGS	No. of units	cost p.u	Ending inventory
beg. Inv.	116	5	580	116	5	580
Purchases	385	6	2310	339	6	2034	46	6	276
	194	7	1358				194	7	1358
	695		4248	455		2614	240		1634
LIFO ( periodic )
	Cost of goods available for sale			COGS			Ending Inventory
Date	No. of units	cost p.u	Cost of goods available for sale	No. of units	cost p.u	COGS	No. of units	cost p.u	Ending inventory
beg. Inv.	116	5	580				116	5	580
Purchases	385	6	2310	261	6	1566	124	6	744
	194	7	1358	194	7	1358
	695		4248	455		2924	240		1324
Average cost ( periodic )
	Cost of goods available for sale			COGS			Ending Inventory
Date	No. of units	cost p.u	Cost of goods available for sale	No. of units	cost p.u	COGS	No. of units	cost p.u	Ending inventory
beg. Inv.	116		580
Purchases	385		2310
	194		1358			0
	695	6.112230216	4248	455	6.112230216	2781.064748	240	6.112230216	1466.935252
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