Use the Following Information to Calculate Cost of Goods Sold

question 56

Essay

Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
$\begin{array}{llll}\text { Apr. } &1 & \text { Beginning inventory } & 90 \text { units @ } \$ 40 \\& 8 & \text { Sales } & 70 \text { units } \\&17 & \text { Purchases } & 150 \text { units @, \$42 }\\&24 & \text { Sales } & 110 \text { units } \\&30 & \text { Purchases } & 60 \text { units @\$44 } \end{array}$

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