Nadal Athletic uses a periodic inventory system and has the following transaction related to its inventory for the month of August 2018: Date Transactions Units Cost per Unit Total Cost August 1 Beginning inventory 7 $130 $910 August 4 Sale ($150 each) 5 August 11 Purchase 9 120 1,080 August 13 Sale ($160 each) 7 August 20 Purchase 12 110 1,320 August 26 Sale ($170 each) 10 August 29 Purchase 12 100 1,200 $4,510 Required:
1. Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2018. (3 point)
2. Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2018. (3 point)
3. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31, 2018. (3 point)
4. Calculate sales revenue and gross profit under each of the three methods.(6 point) FIFO: LIFO: weighted-average cost:
5. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Explain. (2 point)
6. If Pete’s chooses to report inventory using LIFO, record the LIFO adjustment. (3 point)
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