P 07-01 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.
Enter all values as positive numbers unless specified.

Periodic Inventory System and Inventory Costing Methods

1.
Total
Units Price Cost

February
March
May
July
September
November
Total Purchases

2.

a. Average-cost method:

* Calculation for ending inventory

Cost of goods available for sale
Divided by total units available
Cost per unit
Multiplied by units in ending inventory
Ending inventory
 b. FIFO method:

* Calculation for ending inventory

November purchases
September purchases
Ending inventory

c. LIFO method:

Calculation for ending inventory

units from beginning inventory
x per unit

3.
If required, Round your Answers to one decimal place.
Average-Cost FIFO LIFO
Cost of goods sold
Average inventory
Inventory turnover
Days' inventory on hand