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LEFO Company uses the periodic inventory system to account for inventories. Information related to LEFO Company's...

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Accounting

LEFO Company uses the periodic inventory system to account forinventories. Information related to LEFO Company's inventory atMarch 31 is given below:

Date - Description - Units - Unit Cost

March 1 - Beg. Inventory - 10 units - $100

March 8 - Purchase - 10 units - $110

March 17 - Purchase - 10 units - $120

March 24 - Purchase - 10 units - $125

March 30 - Purchase - 10 units - $130

a. Calculate the value of ending inventory using the FIFO costassumption if 15 units remain on hand at March 31. CalculateCOGS.

b. Calculate the value of ending inventory using the LIFO costassumption if 15 units remain on hand at March 31. CalculateCOGS.

c. Calculate the value of ending inventory using theweighted-average cost cost assumption if 15 units remain on hand atMarch 31. Calculate COGS.

Answer & Explanation Solved by verified expert
4.0 Ratings (790 Votes)
Date Description Units Unit cost Total cost March 1 Beg Inventory 10 100 1000 March 8 Purchase 10 110 1100 March 17 Purchase 10 120 1200 March 24 Purchase 10 125 1250 March 30 Purchase 10 130    See Answer
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