Brief Exercise 6-2
In its first month of operations, Giffin Company made three purchases of merchandise in the following sequence: (1) 230 units at $6, (2) 330 units at $8, and (3) 430 units at $9. Assuming there are 130 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Giffin uses a periodic inventory system.
Brief Exercise 6-7 Sadowski Video Center accumulates the following cost and market data at December 31.
Exercise 6-4 Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott's purchases of Xpert snowboards during September. During the same month, 101 Xpert snowboards were sold. Delmott uses a periodic inventory system.