Question 4 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the

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Question 4 Alternative Cost Flow Assumptions Periodic Lo8 Paddington Gifts Made Purchases Of A Particular Product In The 1 (36.58 KiB) Viewed 12 times

Question 4 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory...... 240 units @ $6.00 = $ 1,440 Mar. 7 Purchased 500 units @ $5.60 = 2,800 @ $5.00 5,000 @ $4.40 3,960 $13,200 July28 Purchased ................. Oct. 3 Purchased Totals....... .1,000 units 900 units .2,640 units = b. A weighted average cost basis = Required The business uses a periodic inventory system. Ending inventory consists of 120 units. Calculate the costs to be assigned to the ending inventory and cost of goods sold: a. FIFO