Lan Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 80 units at a cost of $6 per unit. During April, the following purchases and sales were made.
April 7, 60 units at $7.00 April 5 120 units at $20
April 13, 120 units at $7.50 April 11, 90 units at $20
April 23, 90 units at $8.00 April 20, 80 units at $20
April 29, 50 units at $8.80 April 30, 40 units at $20
Instructions: Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations.
(1) Average - Ending Inventory = $_________; Cost of Goods Sold = $_________.
(2) FIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________.
(3) LIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________.
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