How would you solve the following problemCost flow assumptions\u2014FI.docx - How would you solve the following problem Cost flow assumptions\u2014FIFO and

How would you solve the following problemCost flow assumptions—FI.docx

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How would you solve the following problem?Cost flow assumptions—FIFO and LIFO using a periodic system The beginning inventory was 600 units at a cost of $20 per unit. Goods available for sale during the year were 2,600 units at a total cost of $57,600. In May, 1,200 units were purchased at a total cost of $26,400. The only other purchase transaction occurred during October. Ending inventory was 1,100 units. Page 167 Required:a. Calculate the number of units purchased in October and thecost per unit purchased in October.b. Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system): FIFO LIFO

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