# Fifo periodic system the following schedule shows the

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FIFO - Periodic SystemThe following schedule shows the frame inventory for Yore Frame, Inc. for September.The physical inventory count at September 30 shows 600 frames in ending inventory. Use the periodicFIFO method to determine:(1) Ending inventory cost.(2) Cost of goods sold.
Yore Frame, Inc.Frame InventoryDateUnits\$/UnitTotalBeg. Inventory80022.00\$ 17,600.00\$ 9/330024.007,200.009/1525025.006,250.009/2120027.005,400.009/2940028.0011,200.00Goods Available for Sale1,95047,650.00\$ Ending Inventory60016,600.00Cost of Goods Sold1,350Yore Frame, Inc.Frame InventoryDateUnits\$/UnitTotalBeg. Inventory80022.00\$ 17,600.00\$ 9/330024.007,200.009/1525025.006,250.009/2120027.005,400.009/2940028.0011,200.00Goods Available for Sale1,95047,650.00\$ Ending Inventory60016,600.00Cost of Goods Sold1,35031,050.00\$ FIFO - Periodic System
FIFO - Perpetual SystemThe following schedule shows the frame inventory for Yore Frame, Inc. for September.The physical inventory count at September 30 shows 600 frames in ending inventory. Use the perpetualFIFO method to determine:(1) Ending inventory cost.(2) Cost of goods sold.
FIFO - Perpetual SystemYore Frame, Inc.Frame InventoryDateUnits\$/UnitTotalBeg. Inventory80022.00\$ 17,600.00\$ 9/330024.007,200.009/1525025.006,250.009/2120027.005,400.009/2940028.0011,200.00Goods Available for Sale1,950Ending Inventory600Cost of Goods Sold1,350DateSales Units9/16009/103009/30450
Last-In, First-OutnThe LIFO method assumes that the newest items are sold first, leaving the older units in inventory.nThe cost of the newest inventory items are charged to COGS when goods are sold. nThe cost of the oldest inventory items remain in inventory.nUnlike FIFO, using the LIFO method may result in COGS and Ending Inventory Cost that differ under the periodic and perpetual approaches.
The following schedule shows the frame inventory for Yore Frame, Inc. for September.The physical inventory count at September 30 shows 600 frames in ending inventory. Use the periodicLIFO method to determine:(1) Ending inventory cost.(2) Cost of goods sold.LIFO - Periodic System
Yore Frame, Inc.Frame InventoryDateUnits\$/UnitTotalBeg. Inventory80022.00\$ 17,600.00\$ 9/330024.007,200.009/1525025.006,250.009/2120027.005,400.009/2940028.0011,200.00Goods Available for Sale1,95047,650.00\$ Ending Inventory600Cost of Goods Sold1,350LIFO - Periodic SystemThese are the 600 oldest units in inventory.
Yore Frame, Inc.Frame InventoryDateUnits\$/UnitTotalBeg. Inventory80022.00\$ 17,600.00\$ 9/330024.007,200.009/1525025.006,250.009/2120027.005,400.009/2940028.0011,200.00Goods Available for Sale1,95047,650.00\$ Ending Inventory60013,200.00Cost of Goods Sold1,350LIFO - Periodic System200600 x \$22.00
Yore Frame, Inc.Frame InventoryDateUnits\$/UnitTotalBeg. Inventory80022.00\$ 17,600.00\$ 9/330024.007,200.009/1525025.006,250.009/2120027.005,400.009/2940028.0011,200.00Goods Available for Sale1,95047,650.00\$ Ending Inventory60013,200.00Cost of Goods Sold1,350LIFO - Periodic System600 x \$22.00These are the most recently acquired 1,350 units.200
Yore Frame, Inc.Frame InventoryDateUnits\$/UnitTotalBeg. Inventory80022.00\$ 17,600.00\$ 9/330024.007,200.009/1525025.006,250.009/2120027.005,400.009/2940028.0011,200.00Goods Available for Sale1,95047,650.00\$ Ending Inventory60013,200.00Cost of Goods Sold1,35034,450.00\$ LIFO - Periodic System\$4,400 + \$30,050200 x\$22.