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Solution Library
Carson Company’s usage of LIFO and FIFO Inventory Methods-Multiple Choice Question
Question
Periodic Inventories:
Carson Company uses the periodic inventory method and had the following inventory information available for the month of November.
Date Transaction Units Unit Cost
11/1 Beginning inventory 400 $3
11/5 Purchase No. 1 500 $5
11/12 Sale No. 1 450
11/18 Purchase No. 2 500 $6
11/25 Sale No. 2 900
11/30 Purchase No. 3 600 $7
A physical count of units on November 30 revealed that 650 units were on hand.
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the average cost method. What is the dollar value of the ending inventory on November 30?
2. Assume that the company uses the LIFO inventory method. What is the dollar value of the cost of goods sold during November?
3. Assume that the company uses the FIFO inventory method. The dollar value of the ending inventory on November 30 is:
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