Alternative Inventory Methods The Nevens Company uses a periodic inventory system. During November the following transactions occurred:
|
Date |
Transaction |
Units |
Cost/Unit |
|
1 Nov |
Balance |
500 |
$3.50 |
|
8 |
Sale |
350 |
|
|
13 |
Purchase |
300 |
4 |
|
21 |
Purchase |
200 |
5 |
|
28 |
Sale |
150 |
Required
Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions:
1. FIFO
2. LIFO
3. Average cost