Toso Company uses the periodic inventory system to account for inventories. Information related to Toso Company’s inventory at October 31 is given below:
October1Beginning inventory400units @ ?10.00 =? 4,000
8Purchase800units @ ?10.40 =8,320
16Purchase600units @ ?10.80 =6,480
24Purchase 200units @ ?11.60 = 2,320
Total units and cost2,000units?21,120
1.Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31.
2.Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31.
a3.Show computations to value the ending inventory using the LIFO cost assumption if 550 units remain on hand at October 31.
London Co. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold.
UnitsUnit CostTotal Cost
May 1 Inventory35$ 8$ 280
24 Purchases 4012 480
Compute the ending inventory at May 31 and cost of goods sold using the (1) FIFO and a(2) LIFO methods. Prove the amount allocated to cost of goods sold under each method.
Beginning inventory (35 X $8)………………………………$280
May 15 (30 X $11)……………………………………..$330
May 24 (40 X $12)……………………………………… 480 810
Cost of goods available for sale……………………………..1,090
Cost of goods sold……………………………………..$790
DateUnitsUnit CostTotal Cost
5/135$ 8 $280
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