Allsigns Company uses a periodic inventory system The

company s accounting #997

Allsigns Company uses a periodic inventory system. The company’s accounting records for the
most popular item in inventory showed the following details:Required:Compute(a) the cost of
goods available for sale during 2015(b) the cost of ending inventory at December 31, 2015(c)
the cost of sales for 2015, under each of the following inventory costing methods (show
computations and round to the nearest dollar):1. Weighted- average cost.2. FIFO.3. Specific
identification, assuming that the company is permitted to use it and that two- fifths of the units
sold on April 1, 2015, were selected from the beginning inventory and three- fifths were taken
from the purchase of February 20, 2015. Assume that the sale of August 1, 2015, was selected
from the purchase of June 30, 2015.As a shareholder, which of these three methods would you
prefer?View Solution:
Allsigns Company uses a periodic inventory system The company s accounting

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