WebFeb 25, 2024 · 2. Using the periodic inventory system, calculatethe cost of goods sold for January and cost of the company'sJanuary 31 st inventory for the followingmethods. Show all your work using theformat provided in the appendix of the chapter in thetext! a) FIFO. b) LIFO. c) Weighted average. 3. A company made thefollowing purchases during the year: WebUsing first-in, first-out; perpetual inventory costing; and the following information, determine the cost of materials used and the cost of the July 31 inventory: July 1 Balance on hand, 1,000 yd of linen @ $4.00 each. 5 Received 500 yd @ $4.50 each. 11 Factory returned 10 yd, which were issued on the 10th, to the storeroom.
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