Page 5 of 8 ACCT 2110 - Test 2 doc Question 3. Inventory Valuation. (30...
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Page 5 of 8 ACCT 2110 - Test 2 doc Question 3. Inventory Valuation. (30 points) The following are data available for Blue Grass for the month of June: Beginning inventory 600 units @ $8.00 Purchases, in chronological order 1,200 units @ $8.40 800 units @ $8.80 1,000 units @ $9.00 Total Available for Sale 3,600 units Sales 2,400 units Required: Calculate cost of goods sold and ending inventory under the following cost flow assumptions(using a periodic inventory system). Show your work Cost of Goods Sold Ending Inventory 1. Weighted Average 2. FIFO 3. LIFO
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