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The Records of Atlantis Company Reflected the Following for the Month

question 28

Essay

The records of Atlantis Company reflected the following for the month of February:  Date  Transaction  Number of Units  Unit Cost 2/1 Beginning inventory 600$32/2 Purchase No.1 500$42/5 Sale No. 1 7002/12 Purchase No. 2 600$52/15 Sale No. 2 7002/23 Purchase No. 3 900$62/28 Ending inventory ?\begin{array} { l l c c } \text { Date } &{ \text { Transaction } } & \text { Number of Units } & \text { Unit Cost } \\2 / 1 & \text { Beginning inventory } & 600 & \$ 3 \\2 / 2 & \text { Purchase No.1 } & 500 & \$ 4 \\2 / 5 & \text { Sale No. 1 } & 700 & \\2 / 12 & \text { Purchase No. 2 } & 600 & \$ 5 \\2 / 15 & \text { Sale No. 2 } & 700 & \\2 / 23 & \text { Purchase No. 3 } & 900 & \$ 6 \\2 / 28 & \text { Ending inventory } & ? &\end{array} Required:
Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods:  The records of Atlantis Company reflected the following for the month of February:  \begin{array} { l l c c }  \text { Date } &{ \text { Transaction } } & \text { Number of Units } & \text { Unit Cost } \\ 2 / 1 & \text { Beginning inventory } & 600 & \$ 3 \\ 2 / 2 & \text { Purchase No.1 } & 500 & \$ 4 \\ 2 / 5 & \text { Sale No. 1 } & 700 & \\ 2 / 12 & \text { Purchase No. 2 } & 600 & \$ 5 \\ 2 / 15 & \text { Sale No. 2 } & 700 & \\ 2 / 23 & \text { Purchase No. 3 } & 900 & \$ 6 \\ 2 / 28 & \text { Ending inventory } & ? & \end{array}  Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods:

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