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Bmo OBLEM II. The beginning inventory and purchases of an item for the period w...

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Bmo OBLEM II. The beginning inventory and purchases of an item for the period w Beginning inventory First purchase Second purchase Third purchase 6 units at $73 each 10 units at $72 each 18 units at $74 each 10 units at $75 each The company uses the periodic system, and there were 15 units in the inver period. Determine the cost of merchandise sold and ending inventory b llowing methods, presenting details of your computations: (a) first-in, first out; (c) average cost. (19PTOS.) ANS: (A) FIRST-IN-FIRST-OUT (FIFO) Cost of merchandise sold- Ending Inventory- (B) LAST-IN-FIRST-OUT (LIFO) Cost of merchandise sold = Ending Inventory

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