E6A-1 W Computing periodic inventory amounts [10-15 min]
The periodic inventory records of Synergy Prosthetics indicate the following at July 31:
Jul 1 | Beginning inventory . . . | 6 | units | @ | $60 |
8 | Purchase . . . . . . . . . . . . | 5 | units | @ | $67 |
15 | Purchase. . . . . . . . . . . . | 10 | units | @ | $70 |
26 | Purchase . . . . . . . . . . . . | 5 | units | @ | $85 |
At July 31, Synergy counts two units of inventory on hand.
Requirement
1. Compute ending inventory and cost of goods sold, using each of the following methods:
a. Average cost (round average unit cost to the nearest cent)
b. First-in, first-out
c. Last-in, first-out
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