Question

Capst data relates to the firm's Calculating the Value of Ending Inventory and Cost of Goods Sold: Periodic Method. production during the first quarter of 2015: Purchase Price per Ton Total Cost Tons of Raw Steel Purchased 500 700 200 450 350 2,200 Date of Purchase $40 35 Jan. 15 Feb. 7 Feb. 21. March 15 . $20,000 24,500 6,600 13,500 14,700 $79,300 30 42 At the end of the first quarter of 2015, Capstone's internal auditors determined that 1,700 tons of raw steel had been processed and sold Required 1. Calculate the cost of steel processed and sold during the quarter under each of the following methods, assuming use of a periodic inventory management system: a. FIFO b. LIFO c. Weighted-average