Accounts Inventory - periodic inventory system by ClassOf1

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									              Sub: Accounts                                                                                 Topic: Inventory

              Question:
              Valuation of Inventory using FIFO and LIFO methods

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              All-Pages Book Company reports the following inventory transactions during the current
              month:

              Date Event                  Number of Units        Unit Cost Total Cost

              1st     Beg. Inventory                       200           $12        $2,400

              8th     Purchase                             600            14          8,400

              13th Sale                                    400

              24th Purchase                                200            16          3,200

              30th Sale                                    400


              Required:
              Fill in the following table using the periodic inventory system approach:

                                         FIFO LIFO

              Ending Inventory

              Cost of Goods Sold




              Solution:
              FIFO Method
								
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