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Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average).

05 / 03 / 2018 Assignment

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Problem 6-3A (P6-3A) Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units @ $9 Aug. 12 300 units @ $11 May 5 500 units @ $10 Dec. 8 200 units @ $12 Eddings Company uses a periodic inventory system. Sales totaled 1,500 units.Determine the cost of goods available for sale. $ _____Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). Ending Inventory $ $ $ Cost of Goods Sold $ $ $Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income statement? Lowest inventory amount: _____ Lowest cost of goods sold: _____


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