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Determine the ending inventory and the cost of goods sold

Pearl Industries had a beginning inventory of 93 units of Product RST at a cost of $8 per unit. During the year, purchases were:

Feb. 20	589	units at	$9	Aug. 12	425	units at	$11
May 5	480	units at	$10	Dec. 8	92	units at	$12

Pearl Industries uses a periodic inventory system. Sales totaled 1,525 units.

(a) Determine the cost of goods available for sale.

(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)

(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)

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Accounting Basics: Determine the ending inventory and the cost of goods sold

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