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34) Tall Trees Gear uses the periodic inventory method and recorded the following inventory and purchase transactions for the month of August, 20X3.

Date Transaction Units Unit Cost

Aug 1 Beginning inventory 2,800 units @ $1.10

Aug 3 Purchases 500 units@ $1.20

Aug 10 Purchases 300 units@ $1.30

Aug 17 Purchases 400 units@ $1.40

Aug 24 Purchases 700 units@ $1.55

Determine the ending inventory balance at August 31 and the cost of goods sold for the month of August, 20X3 for Tall Trees Gear. Tall Trees Gear sold 3,200 units during August, 20X3. On August 31, a physical inventory count was conducted, and 1,500 units were on hand. Assume the company uses the first-in-first-out (FIFO) cost flow assumption.

FIFO ending inventory

Aug. 24 Purchase 700 units @ $1.55 $ 1,085

Aug. 17 Purchase 400 units @ $1.40 560

Aug. 10 Purchase 300 units @ $1.30390

Aug. 3 Purchase 100 units @ $1.20120

1,500 $2,155

FIFO periodic cost of goods sold

Aug. 3 Purchase 400 units @ $1.20 $ 480

Aug. 1 B.I. 2,800 units @ $1.10 3,080

3,200$3,560

35) Tall Trees Gear uses the periodic inventory method and recorded the following inventory and purchase transactions for the month of August, 20X3.

Date Transaction Units Unit Cost

Aug 1 Beginning inventory 2,800 units@ $1.10

Aug 3 Purchases 500 units@ $1.20

Aug 10 Purchases 300 units@ $1.30

Aug 17 Purchases 400 units@ $1.40

Aug 24 Purchases 700 units @ $1.55

Determine the ending inventory balance at August 31 and the cost of goods sold for the month of August, 20X3 for Tall Trees Gear. Tall Trees Gear sold 3,200 units during August, 20X3. On August 31, a physical inventory count was conducted, and 1,500 units were on hand. Assume the company uses the last-in-first-out (LIFO) cost flow assumption.

LIFO ending inventory

Aug. 1 B.I. 1,500 units @ $1.10 $1,650

LIFO periodic cost of goods sold

Aug. 24 Pur. 700 units @ $1.55 $ 1,085

Aug. 17 Pur. 400 units @ $1.40 560

Aug. 10 Pur. 300 units @ $1.30 390

Aug. 3 Pur. 500 units @ $1.20 600

Aug. 1 B.I. 1,300 units @ $1.10 1,430

3,200 $4,065

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