FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The beginning inventory of merchandise at Alfredson Co. and data on purchases and sales for a three-month period ending June 30 are as follows:
Transaction QTY Per Unit Cost
Apr.3 Inventory 25 $1,200 $30,000
8 Purchase 75 1,240 93,000
11 Sale 40 2,000 80,000
30 " 30 2,000 60,000
May 8 Purchase 60 1,260 75,600
10 Sale 50 2,000 100,000
19 " 20 2,000 40,000
28 Purchase 80 1,260 100,800
June 5 Sale 40 2,250 90,000
16 " 25 2,250 56,250
21 Purchase 35 1,264 44,240
28 Sale 44 2,250 99,000
The company uses periodic inventory system.
1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the FIFO method.
2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the LIFO method.
3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method. Round the unit cost to the dollar.
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