Topic: Inventory Cost Flow Assumptions

The following information pertains to the detail inventory card for Echo Company for March,
2014.
Date

Transaction

1-Mar

Beginning inventory

Quantit
y

Unit Cost
$

12.00

18.00

19.00

Selling Price

1,000
3-Mar

Purchase
3,500

10-Mar

Purchase
2,000

14Mar
18-Mar

Sale

33

34

1,500
Purchase

18.50

1,500
22Mar
28-Mar

Sale
1,000
Purchase

20.00

2,300
Please compute cost of goods sold and ending inventory, assuming Echo uses:
1)
2)
3)
4)
5)
6)

Periodic system, weighted-average cost flow

Perpetual system, moving-average cost flow
Periodic system, FIFO cost flow
Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow
Perpetual system, LIFO cost flow