Purchase Solution

# FIFO, LIFO Average Cost

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Calculate the requested amounts:
Inventory:
May 1 100 units @ \$5.00
Purchases:
May 5 200 units @ \$5.00
May 16 200 units @ \$6.00
May 24 300 units @ \$7.00

Sales: May 14 150 units
May 20 300 units

1. Using the periodic inventory system determine ending inventory under FIFO.
2. Using the periodic inventory system determine cost of goods sold under FIFO.
3. Using the periodic inventory system determine ending inventory under LIFO.
4. Using the periodic inventory system determine cost of goods sold under LIFO.
5. Using the periodic inventory system determine ending inventory under average cost.
6. Using the periodic inventory system determine cost of goods sold under average cost.
7. Using the perpetual inventory system determine ending inventory under FIFO.
8. Using the perpetual inventory system determine cost of goods sold under FIFO.
9. Using the perpetual inventory system determine ending inventory under LIFO.
10. Using the perpetual inventory system determine cost of goods sold under LIFO.

##### Solution Summary

Your tutorial is in excel attached with instructional notes. Click in cells to see computations. This is now a template for similar problems.

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