Exercise 6-63 (Algorithmic)
Inventory Costing Methods: Periodic Inventory System (Appendices 6B)
The inventory accounting records for Roth Corporation contained the following data:
Beginning inventory 400 units at $10 each
Purchase 1, Feb. 26 2,300 units at $14 each
Sale 1, March 9 2,500 units at $27 each
Purchase 2, June 14 2,200 units at $15 each
Sale 2, Sept. 22 2,100 units at $29 each
Required:
Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for all other numbers to the nearest dollar.)
FIFO LIFO Average cost
Cost of ending inventory 4,500 3,000 4,236
Cost of goods sold 64,700 66,200 64,963