Solution-What dollar value of cost of goods sold during

What dollar value of cost of goods sold during november

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Carson Company uses the periodic inventory method and had the following inventory information available for the month of November.

Date	Transaction	Units	Unit Cost
Date	Beginning inventory
11/1
11/1		400	$3
11/5	Purchase No. 1	500	$5
11/12	Sale No. 1	450
11/18	Purchase No .2	500	$6
11/25	Sale No. 2	900
11/30	Purchase No. 3	600	$7

A physical count of units on November 30 revealed that 650 units were on hand.

Answer the following independent questions and show computations supporting your answers.

Question 1. Assume that the company uses the average cost method. What is the dollar value of the ending inventory on November 30?

Question 2. Assume that the company uses the LIFO inventory method. What is the dollar value of the cost of goods sold during November?

Question 3. Assume that the company uses the FIFO inventory method. The dollar value of the ending inventory on November 30 is:

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What dollar value of cost of goods sold during november

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