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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