The following company purchases and sells collectors' coin sets.The company uses the LIFO inventory costing method.In the first two sections of the table below,each coin set is identified by its letter and its cost.The third section indicates when coin sets were sold.
Required:
For each inventory costing method given below,fill in the blanks to indicate the letter of the coin set which will be used to calculate either cost of goods sold or the cost of ending inventory.
Part a.Periodic Inventory System
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending Inventory = _____ + _____ + _____
Part b.Perpetual Inventory System
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending Inventory = _____ + _____ + _____
Definitions:
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