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(Solved by Expert Tutors) C'est Cheese?uses the?periodic?inventory syste


periodic?inventory system.?During the month of July, it

presents the following information:

  • July 1 (beginning inventory): 30 units at $18 per unit
  • July 9 (purchase): 92 units at $20 per unit
  • July 26 (purchase): 10 units at $22 per unit

On July 31, a physical count reveals there are 50?units of cheese in its inventory.

Questions:?

  1. If C'est Chese?used?LIFO?for inventory costing, what is its cost of goods sold and ending inventory for the month of July? (2 points)
  2. If C'est Cheese?used?FIFO, what is its cost of goods sold and ending inventory for the month of July? (2 points)
  3. If C'est Cheese?used the?average cost method, what is its cost of goods sold and ending inventory for the month of July? (2 points)

SPECIFIC INSTRUCTIONS:

Round all answers to the nearest?cent.?You must show?all?of your work?for each question of this quiz.?

 


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DATE ANSWERED

Apr 19, 2020

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