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Homework answers / question archive / Beech Soda Inc
Beech Soda Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 16 $10 $ 160 Purchase (Jan. 11) 14 $12 168 Purchase (Jan. 20) 23 $15 345 Total 53 $ 673 On January 18, Beech Soda Inc. sold 25 units of this product. The other 28 units remained in inventory at January 31. (1) Determine the cost of goods sold to be recorded at January 18, using each of the following methods. Show computations. (a) FIFO (b) LIFO (c) Average cost (2) Determine the cost of 28 units of this product in inventory at January 31, using each of the following methods. Show computations. (a) FIFO (b) LIFO (c) Average cost
