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# Lan Enterprises uses a periodic inventory system for buckets it sells. It had a beginning

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.

Purchases                                             Sales

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

320                                                        330

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 = \$_________.

Nov 08 2017 View more View Less