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If cest cheese used the average cost method what is its


Problem - C'est Cheese uses the periodic inventory system. During the month of July, it presents the following information:

  • July 1 (beginning inventory): 30 units at $18 per unit
  • July 9 (purchase): 92 units at $20 per unit
  • July 26 (purchase): 10 units at $22 per unit

On July 31, a physical count reveals there are 50 units of cheese in its inventory.

Questions:

1. If C'est Chese used LIFO for inventory costing, what is its cost of goods sold and ending inventory for the month of July?

2. If C'est Cheese used FIFO, what is its cost of goods sold and ending inventory for the month of July?

3. If C'est Cheese used the average cost method, what is its cost of goods sold and ending inventory for the month of July?

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