Question

HAVE TO turn this in an hour HELP

The college campus bookstore uses a periodic inventory system. The bookstore purchases 415 copies of a textbook at $79 each in June, 975 copies in August at $81 each, and 610 copies in December at $84 each. The bookstore sold 1,855 copies of the textbook during the year. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods a. FIFO Cost of Goods Sold Ending Inventory b. LIFO Cost of Goods Sold Ending Inventory c. Weighted Average cost method. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Cost of Goods Sold Ending Inventory

Answer 1

Calculate following :

FIFO

Cost of goods sold (415*79+975*81+465*84)	150820
Ending inventory (145*84)	12180

Calculate following :

LIFO

Cost of goods sold (610*84+975*81+270*79)	151545
Ending inventory (145*79)	11455

Calculate following :

Weighted average

Cost of goods sold (163000/2000)*1855	151183
Ending inventory (163000/2000)*145	11817