Question 2- XYZ uses the period method and had the following inventory events during January:
|
Date
|
Units Purchased
|
Unit Cost
|
Date
|
Units Sold
|
Unit Sales
Price
|
|
Jan. 1
|
150
|
$7.00
|
Jan. 2
|
100
|
$10.00
|
|
Jan. 5
|
225
|
7.20
|
Jan. 7
|
125
|
10.00
|
|
Jan. 10
|
100
|
7.50
|
Jan. 12
|
75
|
12.00
|
|
Jan. 15
|
150
|
7.80
|
Jan. 17
|
200
|
12.50
|
|
Jan. 20
|
200
|
7.95
|
Jan. 24
|
150
|
15.00
|
|
Jan. 25
|
150
|
8.00
|
|
|
|
|
Jan. 30
|
75
|
8.20
|
|
|
|
Note: January 1 amount was the beginning inventory and unit value. (Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar value of sales.
c. Calculate the value of Ending Inventory and Cost of Good Sold under the following independent assumptions:
LIFO method
FIFO method
Average-cost method