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Question 1

The periodic inventory records of Spacely’s Sprockets indicate the following for the month of September:

ProductBeg. InventoryPurchasesUnits in Ending Inv.Periodic Inventory
UnitsCostUnitsCostUnitsCost
X16$810$124$135FIFO
Y21$163$1810$197LIFO
Z38$193$185$205Weighted Avg.

 

Spacely’s Sprockets uses a different inventory method of each product as indicated:

Computing periodic inventory amounts - FIFO

Enter your inventory using most recent purchases first.

Ending merchandise inventory is...

ProductUnitsCost=Total
X1 
  
  TOTAL  

Cost of goods sold...

ProductUnitsCost=Total
X1 
  
  TOTAL