P 07-07 Name :

Section :

Enter the appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.Ignore "$" sign in your responses.
If required, round your answers to nearest cent.
Enter all values as positive numbers unless specified.

Periodic Inventory System and Inventory Costing Methods

1. Periodic inventory system—average-cost method

Unit
Units Price

Purchase

Sales

Unit
Units Price Amount
Purchases

Sales

2. Periodic inventory system—FIFO method

Unit
Units Price

Purchase
 Sales

Unit
Units Price Amount
Purchases

Sales

* Calculation for ending inventory

From April 15 purchase:
From April 25 purchase:
Total

3. Periodic inventory system—LIFO method

Unit
Units Price

Purchase

Sales

* Calculation of April 30 ending inventory

March 1 beginning inventory
March 10 purchase
Total
 Unit
Units Price Amount
Purchases

Sales

* Calculation for ending inventory

March 1 beginning inventory
March 10 purchases
April 4 purchases
Total
Amount

Amount
Amount