Assignment Task: The following information is available for Gumbel Company:
Beginning inventory 500 units at $4
First purchase 800 units at $5
Second purchase 400 units at $6
Assume that Gumbel uses a periodic inventory system and that there are 700 units left at the end of the month.
Question 1: Compute the cost of the ending inventory under the
a. FIFO method.
b. LIFO method.
Question 2: Using the information above, compute each of the following under the average cost method:
a. Cost of the ending inventory.
b. Cost of goods sold.
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