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Question 1
For the month ended October 31, 2012. Aylesworth uses a periodic method for inventory.
Date
Description
Units
Unit Cost or Selling Price
October 1
Beginning inventory
61
$23
October 9
Purchase
122
24
October 11
Sale
102
33
October 17
71
25
October 22
38
October 25
82
26
October 29
112
LIFO
FIFO
AVERAGE-COST
The ending inventory
$
The cost of goods sold
Gross profit
Question 2
Lu Company had a beginning inventory of 876 units of Product Ribo at a cost of $3 per unit. During the year, purchases were:
Feb. 20
1,314
@
$7
Aug. 12
657
$13
May 5
1,095
$8
Dec. 8
438
$14
Lu Company uses a periodic inventory system. Sales totaled 3,285 units.
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average).
averGE-COST
14673
20586
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