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Cheyenne Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600 units were on hand at the end of the month. Date June 1 12 16 23 Explanation Beginning inventory Purchases Purchases Purchases Units 1,500 2,100 4,870 1,590 Units Cost $5 6 7 00 Total Cost $7,500 12,600 34,090 12,720

Cheyenne Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600 units were on hand at the end of the month. Date June 1 12 16 23 Explanation Beginning inventory Purchases Purchases Purchases Units 1,500 2,100 4,870 1,590 Units Cost $5 6 7 00 Total Cost $7,500 12,600 34,090 12,720

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
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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Hello,

This question is using a periodic inventory system. For this question, how do I determine the cost of ending inventory and cost of goods sold using: 

a) First in, First out

b) Average cost

Thanks

Cheyenne Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600 units were on hand at the end of the month. Date June 1 12 Explanation Beginning inventory Purchases 16 Purchases 23 Purchases Units 1,500 2,100 4,870 1,590 Units Cost $5 6 7 8 Total Cost $7,500 12,600 34,090 12,720
Transcribed Image Text:Cheyenne Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600 units were on hand at the end of the month. Date June 1 12 Explanation Beginning inventory Purchases 16 Purchases 23 Purchases Units 1,500 2,100 4,870 1,590 Units Cost $5 6 7 8 Total Cost $7,500 12,600 34,090 12,720
Cost of the ending inventory $ Cost of goods sold LA FIFO tA tA Average
Transcribed Image Text:Cost of the ending inventory $ Cost of goods sold LA FIFO tA tA Average
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