Ch. 6 Principles of Accounting Homework due tonight

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Sheet1

Worksheet instructions: ANSWERS 0
Calculate the requested amounts showing your work below and 1. Using the periodic inventory system determine ending inventory under FIFO
entering your answers to the right. 2. Using the periodic inventory system determine cost of goods sold under FIFO
3. Using the periodic inventory system determine ending inventory under LIFO
Inventory: 4. Using the periodic inventory system determine cost of goods sold under LIFO
May 1 100 units @ $5.00 5. Using the periodic inventory system determine ending inventory under average cost
Purchases: 6. Using the periodic inventory system determine cost of goods sold under average cost
May 5 200 units @ $5.00 7. Using the perpetual inventory system determine ending inventory under FIFO
May 16 200 units @ $6.00 8. Using the perpetual inventory system determine cost of goods sold under FIFO
May 24 300 units @ $7.00 9. Using the perpetual inventory system determine ending inventory under LIFO
Sales: 10. Using the perpetual inventory system determine cost of goods sold under LIFO
May 14 150 units
May 20 300 units
SHOW YOUR WORK!!