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potter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Cost June 1 Beginning 20 $ 12.00 $ 240.00 11 Purchase 60 13.00 780.00 24 Purchase 40 15.00 600.00 30 Ending 44 Required: Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods

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Zviko

Answer:

Part 1

Cost of ending inventory calculation :

a. FIFO

b. LIFO

c. weighted average cost

Part 2

Cost of goods sold calculation :

a. FIFO

b. LIFo

c. weighted average cost

Explanation:

Cost of ending inventory calculation :

FIFO

LIFO

weighted average cost

Cost of goods sold calculation :

FIFO

LIFO

weighted average cost