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The beginning inventory balance of item B on August 1 and thepurchases of the item during the month of August were as follows:August 1 beginning inventory 800 units @ $10.00 = $ 8,000 9 purchase 700

The beginning inventory balance of item B on August 1 and thepurchases of the item during the month of August were as follows:August 1 beginning inventory 800 units @ $10.00 = $ 8,000

9 purchase 700 units @ $10.50 = $ 7,350

11 purchase 500 units @ $ 11.00 = $ 5,500

23 purchase 200 units @ $ 11.25 = $ 2,250

31 total 2,200 $ 23,100

At August 31, the ending inventory consisted of 900 units.Determine the ending inventory and cost of goods sold for Augustbased on each of the following methods of inventory valuation.Assume a period inventory system.

a. Last- in, first-out Grading Component Element 1

b. First-in, first-out Grading Component Element 2

c. Average cost Grading Component Element 3

May 22 2021 View more View Less

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