Small Part Company had the following information regarding inventory transactions available at the end of October. Year to date Cost of Goods Sold at October 1 was $236,700.
|
Date |
Type of Event |
Number |
Unit |
Total |
|
1 Oct |
Beginning inventory |
9,000 |
$10 |
$90,000 |
|
4 |
Purchase |
3,000 |
12 |
36,000 |
|
11 |
Sale |
8,000 |
||
|
15 |
Sale |
2,000 |
||
|
22 |
Purchase |
10,000 |
14 |
140,000 |
|
29 |
Sale |
5,000 |
Determine the correct year to date balances at October 31 for Merchandise Inventory and Cost of Goods Sold under each of the following inventory methods: (a) periodic FIFO, (b) periodic LIFO, and (c) weighted average.