Gerald D. Englehart Company uses periodic inventory system and has the following inventory and purchases...
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Accounting
Gerald D. Englehart Company uses periodic inventory system and has the following inventory and purchases data for the month of March:
Inventory
March 01
200 units @ $4.00
Purchases
March 10
500 units @ $4.50
March 20
400 units @ $4.75
March 30
300 units @ $5.00
Physical count shows that Sales on March 15 were 500 units and March 28 were 400 units totaled 900 units.
Requirements: [Show calculations/workings if necessary]
Calculate cost of goods available for sale.
Under periodic inventory system, determine cost of inventory on hand at March 31 and cost of goods sold for March under FIFO and LIFO method. [Proof is required for Cost of goods sold under FIFO and LIFO]
Which method produces highest amount of inventory and cost of goods sold?
Answer & Explanation
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