Sherman Electric Uses a Periodic Inventory System $\quad$ $\quad$

Essay

Sherman Electric uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:
At December 31, the ending inventory of this product consisted of 65 units.
Using periodic costing procedures, determine (1) cost of the year-end inventory and, (2) cost of goods sold relating to this product under each of the following flow assumptions:
$\begin{array}{|l|l|l|c|c|c|c|}\hline \text {Jan}&1 & \text { Beginning inventory } & 60 \text { units@ } & \$ 105&=&\$6,300 \\\hline\text {Mar.}& 8 & \text { Purchase } & 30 \text { units@ } & \$ 115&=&3,450 \\\hline \text {Aug.}&11 & \text { Purchase } & 90 \text { units@ } & \$ 125&=&11,250 \\\hline\text {Oct.}& 23 & \text { Purchase } & 20 \text { units@ } & \$ 135&=&2,700 \\\hline&&\text { Total available for sale }&200\text { units}&&&\$23,700\\\hline\end{array}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\begin{array}{cc}&&&&(1) & (2) \\&&&&\text { Inventory at } & \text { Cost of } \\&&&&\text { Dec. } 31 & \text { Goods Sold }\end{array}$

a Average cost $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $ $\underline{\quad\quad}$$\quad$ $\quad$ $\quad$ $\quad$ $ $\underline{\quad\quad}$

b First-in, first-out $\quad$ $\quad$ $\quad$ $\quad$ $ $\underline{\quad\quad}$$\quad$ $\quad$ $\quad$ $\quad$ $ $\underline{\quad\quad}$

c Last-in, first-out $\quad$ $\quad$ $\quad$ $\quad$ $ $\underline{\quad\quad}$$\quad$ $\quad$ $\quad$ $\quad$ $ $\underline{\quad\quad}$