Homework Answers
Average sales period ratio helps to measure the average number of days taken to sell inventory one time.
So it is calculated as, average sales period = (average inventory*365/cost of sales)
Average inventory = (beginning inventory + ending inventory)/2 = (37000 + 40000)2 = $38500
=> Average sales period = (38500*365/423500) = 33.18 days
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cost of $14,375. The company purchased 230 units at a total cost of
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inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
per unit and final answers to 0 decimal places, e.g.
1,250.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
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