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inventory costing method-periodic the following data are for the Graham the corporation, which sells just one productinventory costing method-periodic the following data are for the Graham corporation which sells just one product eginning inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,200 $18PurchasesFebruary 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,50019May 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,40021October 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,10023SalesMarch 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,400July 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,400
Expert Answer
| Date | Particulars | Units | Cost | Amount | COGS |
| 1-Jan | Beginning Inventory | 1,200.00 | 18.00 | 21,600.00 | |
| 11-Feb | Purchase | 1,500.00 | 19.00 | 28,500.00 | |
| 18-May | Purchase | 1,400.00 | 21.00 | 29,400.00 | |
| 23-Oct | Purchase | 1,100.00 | 23.00 | 25,300.00 | |
| Total | 5,200.00 | 104,800.00 | |||
| 1-Mar | COGS | 1,400.00 | 25,400.00 | 1200*18+200*19 | |
| 1-Jul | COGS | 1,400.00 | 26,800.00 | 1300*19+100*21 | |
| Ending Inventory | 2,400.00 | 52,600.00 | 1300*21+1100*23 | ||
| COGS | 52,200.00 | ||||
| Ending Inventory | 52,600.00 | ||||
| In absence of information we have assumed FIFO method |
