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Problem 3. Inventory Cost Flow Assumption: FIFO, LIFO, Average Cost; Periodic Method
Inventory information for UMPI Corporation discloses the following information for the month of June.
June 1 : Balance 450 units @ $11
June 11 : Purchased 950 units @ $13
June 20 : Purchased 525 units @ $14
June 15 : Sold 200 units @ $24
June 15 : Sold 575 units @ $25
June 27 : Sold 324 units @ $27
Instructions
3.1 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under LIFO.
3.2 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under FIFO.
3.3 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under Average Cost.
Answer & Explanation
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