Valuation of Inventory using FIFO and LIFO methods.
All-Pages Book Company reports the following inventory transactions during the current month:
|
Date
|
Event
|
Number of Units
|
Unit Cost
|
Total Cost
|
|
1st
|
Beg. Inventory
|
200
|
$12
|
$2,400
|
|
8th
|
Purchase
|
600
|
14
|
8,400
|
|
13th
|
Sale
|
400
|
|
|
|
24th
|
Purchase
|
200
|
16
|
3,200
|
|
30th
|
Sale
|
400
|
|
|
Required:
Fill in the following table using the periodic inventory system approach:
|
|
FIFO
|
LIFO
|
|
Ending Inventory
|
|
|
|
Cost of Goods Sold
|
|
|
|
|
|
|