Question

Anderson Company uses the periodic inventory method and recorded the following purchase sale of inventory during the month of September Purchases Sales Date Units Unit Cost Units Unit Price Sept1120 51.00 Sept 10150 $2.00 Sept 15 10 $3.00 Sept 17 30 $5.00 Sept 20 195 54.00 Sept 26 180 $8.00 Sept 28 210 $500 Instruction Under the periodic inventory system complete the following table Round following formats: 55,400, or $540. ans Cost of Ending Inventory Cost of Good Sold Gross Pro FIFO Average Cost UFO

Answer 1

		Units	Unit Price	Total
01-Sep	Beginning Inventory	120	1	120
10-Sep	Purchase	150	2	300
15-Sep	Purchase	180	3	540
17-Sep	Sales	-390	5	-1950
20-Sep	Purchase	195	4	780
26-Sep	Sales	-180	6	-1080
28-Sep	Purchase	210	5	1050
	Ending Inventory	285

Total Sales ($)	3030
Total Purchase + Beginning Inventory ($)	2790

FIFO
Ending Inventory ($)
	Unit	Unit Price	Total
	210	5	1050
	75	4	300
	285		1350
Cost of Goods Sold ($)	1440
	[2790-1350]
Profit ($)	1590
(Sales - Cost of Goods Sold]	[3030-1440]

LIFO :
Ending Inventory ($)
	Unit	Unit Price	Total
	120	1	120
	150	2	300
	15	3	45
	285		465
Cost of Goods Sold ($)	2325
	[2790-1350]
Profit ($)	705
(Sales - Cost of Goods Sold]	[3030-2325]

Weighted Average:
Ending Inventory ($)
Total Purchase + Beginning Inventory ($)	2790
Total Purchase + Beginning Inventory (Units)	855
Average Price Per Unit	3.26
Ending Inventory (Units)	285
Ending Inventory ($)	930
Cost of Goods Sold ($)	1860
	[2790-930]
Profit ($)	1170
(Sales - Cost of Goods Sold]	[3030-1860]