Vaughn Company, which uses a periodic inventory system, had a


Question Description:

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Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 400 units of Product A at a cost of $7 per unit. During May, the following purchases and sales were made. Purchases Sales May 6 375 units at $9 May 4 275 units 14 250 units at $10 8 300 units 21 300 units at $11 22 400 units 28 425 units at $13 24 225 units 1,350 1,200 Instructions: Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. (a) Average – Ending Inventory = $_________; Cost of Goods Sold = $_________. (b) FIFO – Ending Inventory = $_________; Cost of Goods Sold = $_________. (c) LIFO – Ending Inventory = $_________; Cost of Goods Sold = $_________.

Answer

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