Given the Following Information, Compute Cost of Goods Sold and Ending

question 72

Essay

Given the following information, compute cost of goods sold and ending inventory for months 1 through 4 using both the FIFO and LIFO cost flow assumptions.Assume that a periodic inventory method is used and that the books are closed monthly.
$\begin{array}{lll}&\# \text { of units } & \text { Unit cost }\\\text { Beginning inventory }&0\\\text { Purchases: } & & \\\text { Month 1 } & 5 & 1.00 \\\text { Month 1 } & 15 & 1.10 \\\text { Month 1 } & 3 & 1.05\\\text { Withdrawals: }\\\text { Month } 1&13\\\\\text { Purchases: }\\\text { Month 2 } & 10 & 1.10 \\\text { Month 2 } & 15 & 1.05 \\\text { Withdrawals: } & & \\\text { Month 2 } & 20 &\\\\\text { Purchases: }\\\text { Month 3 } & 10 & 1.05 \\\text { Month 3 } & 5 & 1.10 \\\text { Month 3 } & 2 & 1.15 \\\text { Withdrawals: } & & \\\text { Month 3 } & 25 &\\\\\text { Purchases: }\\\text { Month 4 } & 15 & 1.05 \\\text { Month 4 } & 5 & 1.10 \\\text { Withdrawals: } & & \\\text { Month 4 } & 20 &\end{array}$

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Definitions:

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New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to help recover from the Great Depression.

Rent Land

The act of leasing land for a specified period of time, often for agricultural, residential, or commercial use.

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