accounting question 409347
| Harold Co. reported the following current year purchases and sales data for its only product. |
| Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||||||
| Jan. | 1 | Beginning inventory | 145 | units | @ $11.80 | = | $ | 1,711 | ||||||||
| Jan. | 10 | Sales | 135 | units | @$41.80 | |||||||||||
| Mar. | 14 | Purchase | 295 | units | @ $16.80 | = | 4,956 | |||||||||
| Mar. | 15 | Sales | 185 | units | @$41.80 | |||||||||||
| July | 30 | Purchase | 445 | units | @ $21.80 | = | 9,701 | |||||||||
| Oct. | 5 | Sales | 255 | units | @$41.80 | |||||||||||
| Oct. | 26 | Purchase | 645 | units | @ $26.80 | = | 17,286 | |||||||||
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| Totals | 1,530 | units | $ | 33,654 | 575 | units | ||||||||||
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accounting question 409347
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| Harold uses a periodicinventory system. |
| (a) |
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. |
| (b) | Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
I don’t know how to get the answer by using “periodic incentory system”. |
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