Zellenger Uses a Periodic Inventory System and Had the Following

question 21

Essay

Zellenger uses a periodic inventory system and had the following data for inventory during the most recent year:
$\begin{array}{llrr}&&& \text { Cost } \\\text { Date }&&\text { Units } & \text { per unit }&\text { Extension }\\ \hline\text { January 1 } & \text { Beginning inventory } & 400 & \$ 7.00 \\\text { January 22 } & \text { Purchase } & 1,200 & 7.15 \\\text { March 14 } & \text { Purchase } & 1,100 & 7.20 \\\text { May 24 } & \text { Purchase } & 1,000 & 7.30 \\\text { October 2 } & \text { Purchase } & 1,800 & 7.35 \\\text { - various - } & \text { Sales } & 4,300 & \\\text { December 31 } & \text { Ending inventory } & 1,200 &\end{array}$
Calculate the company's ending inventory and cost of goods sold under the following inventory cost flow methods:
A)FIFO
B)LIFO
C)average cost

• A)FIFO
• B)LIFO
• C)average cost

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