FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ayayai Company Inc. had a beginning inventory of 80 units of Product RST at a cost of $6 per unit. During the
year, purchases were:
Feb. 20
May 5
480
units at $7
400 units at $8
Aug. 12
Dec. 8
320 units at $9
160 units at $10
Ayayai Company uses a periodic inventory system. Sales totaled 1,200 units.
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Transcribed Image Text:Ayayai Company Inc. had a beginning inventory of 80 units of Product RST at a cost of $6 per unit. During the year, purchases were: Feb. 20 May 5 480 units at $7 400 units at $8 Aug. 12 Dec. 8 320 units at $9 160 units at $10 Ayayai Company uses a periodic inventory system. Sales totaled 1,200 units.
(b)
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods
(FIFO, LIFO, and average-cost). (For calculation purposes, round average cost to 2 decimal places,
e.g. 5.25. Round answers to 0 decimal places, e.g. 125.)
The
ending
inventory
The cost
of goods
sold
$
FIFO
eTextbook and Media
List of Accounts
+A
LIFO
AVERAGE-COST
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Transcribed Image Text:(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculation purposes, round average cost to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, e.g. 125.) The ending inventory The cost of goods sold $ FIFO eTextbook and Media List of Accounts +A LIFO AVERAGE-COST
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