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Q1. Kaleta Company uses

Q1. Kaleta Company uses a periodic system reports the following for the month of June.

 

 

Units

Unit Cost

Total Cost

June 1

Inventory

300

$6

$1,800

12

Purchase

600

7

4,200

23

Purchase

450

12

5,400

30

Inventory

150

 

 

Required – Compute of cost of the ending inventory and the cost of goods sold under FIFO and LIFO.

Q2. Linda’s Boards sells a snowboard, XPert, that is popular with snowboard enthusiasts. Information relating to Linda’s purchase of Xpert snowboarding during September is shown below. During the same month, 254 Epert snowboards were sold. Linda’s uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

55

$97

$5,335

Sept. 12

Purchases

95

104

9,880

Sept. 19

Purchase

42

109

4,578

Sept. 26

Purchases

105

114

11,970

 

Totals

297

 

$31,763

Required – Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

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