Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3decimal places, eg 15.647 and final answers to O decimal places, es 5,125)FIFOLIFOAverage-costCost of the ending inventory%2424Cost of goods sold%24%24%24 Cheyenne Corp, Uses a periodic inventory system and reports the following for the month of June.DateExplanationUnitsUnit CostTotal Cost120$5$ 600June 1Inventory12Purchase3602,16023Purchase2001,40030Inventory203

First-in-first out method- Under FIFO method inventory that is brought at earlier dates( Older…

Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 360 2,160 23 Purchase 200 1,400 30 Inventory 203

Cheyenne Corp, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 360 2,160 23 Purchase 200 1,400 30 Inventory 203

College Accounting (Book Only): A Career Approach

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Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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Question

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3
decimal places, eg 15.647 and final answers to O decimal places, es 5,125)
FIFO
LIFO
Average-cost
Cost of the ending inventory
%24
24
Cost of goods sold
%24
%24
%24

Cheyenne Corp, Uses a periodic inventory system and reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
120
$5
$ 600
June 1
Inventory
12
Purchase
360
2,160
23
Purchase
200
1,400
30
Inventory
203

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Step 1 Concept of FIFO , LIFO and Weighted average methods of inventory valuation

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Step 2 Calculation of number of units sold

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Step 3 Calculation of cost of goods sold and ending inventory under FIFO method

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Step 4 Calculation of cost of goods sold and ending inventory under LIFO method

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