Question 1 (24 MARKS) The following units of a particular item were available for sale...
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Question 1 (24 MARKS) The following units of a particular item were available for sale during the year: Units Unit Price Jan 1 Beginning Inventory.. 150 $75 Feb 12 Sales 120 $125 Mar 15 Purchase. 400 $78 June 15 Sales 200 $125 Aug 3 Purchase.. 300 $80 Sept 8 Sales 290 $125 I There are 240 units of the item on hand at the end of the year. Total $11,250 $15,000 $31,200 $25,000 $24,000 $36,250 Required: (12 MARKS) 1) Under the Periodic Inventory System: Calculate the cost of Goods Sold, and the total cost of the Ending Inventory under the following method: a) Average (round up to the nearest cent) b) FIFO c) LIFO
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