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OCK Company sells many products. XYZ is one of its popular items. Below is an...

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Accounting

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OCK Company sells many products. XYZ is one of its popular items. Below is an analysis of the inventory purchases and sales of XYZ for the month of September. CCK Company uses the periodic inventory system. Date Purchases Description Units Unit Cost Sales Units Selling Price/Unit 100 60 $60 $78 70 $120 9/1 9/3 9/4 9/10 9/16 9/19 9/25 9/30 Beginning inventory Purchase Sales Purchase Sales Sales Sales Purchase 200 $82 80 60 50 $130 $130 $130 40 $90 INSTRUCTIONS a. Using the FIFO method, calculate the amount charged to cost of goods sold for September. (Show computations) b. Using the weighted Average Costing method, calculate the amount assigned to the inventory on hand on September 30. (Show computations) c. Calculate the LIFO reserve that would be reported in the company's books on September 30 if using LIFO

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