Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. inventory costing methods-periodic method archer c

Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system....

50.1K

Verified Solution

Question

Accounting

Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system.
August 1 Beginning inventory 80 units of Product A @ $1,800 total cost
5 Purchased 100 units of Product A @ $2,400 total cost
8 Purchased 200 units of Product A @ $4,420 total cost
11 Sold 150 units of Product A
Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.
Do not round until your final answers. Round your final answers to the nearest dollar.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students