Reference no: EM132737942

The company uses a periodic inventory system to account for ending inventory and cost of goods sold. During the year, the company had the following transactions:

Jan. 1
Beginning inventory.........60 units @ $105=$6,300
Feb. 8
Purchase........................30 units @ $115=$3,450
Sept. 11
Purchase........................90 units @ $125= $11,250
Nov. 23
Purchase........................20 units @ $135=$2,700
Total available for sale.....200 units $23,700

At the end of the year, the company had 65 units on hand. Answer the following questions based on the scenario above:

Problem 1: What is the cost of ending inventory at December 31 under periodic average cost?
Problem 2: What is the cost of ending inventory at December 31 under periodic FIFO?
Problem 3: What is the cost of ending inventory at December 31 under periodic LIFO?
Problem 4: What amount of cost of goods sold is reported on the income statement using periodic average cost?
Problem 5: What amount of cost of goods sold is reported on the income statement using periodic FIFO?
Problem 6: What amount of cost of goods sold is reported on the income statement using periodic LIFO?