Question

Problem 6-3A

(C)Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)

FIFO

LIFO

AVERAGE-COST

Problem 6-3A

Bridgeport Corp. had a beginning inventory of 91 units of Product RST at a cost of $7 per unit. During the year, purchases were:

Feb. 20

 

603

 

units at

 

$8

 

Aug. 12

 

426

 

units at

 

$10

May 5

 

530

 

units at

 

$9

 

Dec. 8

 

104

 

units at

 

$11

 

Bridgeport Corp. uses a periodic inventory system. Sales totaled 1,400 units.

 

 



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