Jefferson s Jewelry Store is computing its inventory and cost of goods sold for November 2003. At the beginning of the month, the following jewelry items were in stock (rings were purchased in the order listed):
|
Quantity |
Cost |
Total |
|
|
Ring A |
8 |
600 |
4,800 |
|
Ring A |
10 |
650 |
6,500 |
|
Ring B |
5 |
300 |
1,500 |
|
Ring B |
$6 |
350 |
2,100 |
|
Ring B |
3 |
450 |
1,350 |
|
Ring C |
7 |
200 |
1,400 |
|
Ring C |
8 |
250 |
2,000 |
|
$19,650 |
During the month, the following rings were purchased: four type A rings at $600, two type B rings at $450, and five type C rings at $300. Also during the month, these sales were made:
|
Ring Type |
Quantity Sold |
Price |
|
A |
2 |
1,000 |
|
A |
3 |
1,050 |
|
A |
1 |
1,200 |
|
B |
2 |
850 |
|
B |
2 |
800 |
|
C |
4 |
450 |
|
C |
3 |
500 |
|
C |
1 |
550 |
Jefferson s uses the periodic inventory method. Calculate the cost of goods sold and ending inventory balances for November using FIFO and LIFO.