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  3. the inventory records of cushing inc reflected the following information...

Question: the inventory records of cushing inc reflected the following information...

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The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2016:

Number
of Units
Unit
Cost
Total
Cost
Inventory, January 1 100 $ 26 $ 2,600
Purchases:
May 30 160 30 4,800
September 28 200 32 6,400
Goods available for sale 460 $ 13,800
Sales:
April 10 (70 )
June 11 (150 )
November 1 (190 )
Inventory, December 31 50

Required a. Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO FIFO LIFO Cost of goods sold Ending inventory 12,200 12,500 1,600 S $ 1,300 b. Assume that Cushing, Inc., uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Ending inventory 1,600

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