The total list price for in-state Connecticut residents to go to ECSU is $22,210 for the 2014/2015 academic year. Out-of-state students who don't possess Connecticut residence can expect a one year cost of $32,496.
What is 'Periodic Inventory' Periodic inventory is a method of inventory valuation for financial reporting purposes where a physical count of the inventory is performed at specific intervals. This accounting method for inventory valuation only keeps track of the inventory at the beginning of a period, the purchases made and the sales during the same period and is recorded under the asset section of the balance sheet.
Costs are included in the cost of merchandise sold in the order in which units were purchased. Determine the ending inventory using the periodic inventory system and the LIFO inventory method, assuming that 18 units were sold at a sales price of $14. Determine the gross profit using the periodic inventory system and the FIFO inventory method, assuming that 18 units were sold at a sales price of $14. Determine the gross profit using periodic inventory system and the LIFO inventory method, assuming that 18 units were sold at a sales price of $14. $172. Feedback: LIFO: (18 Ã $14) - [(8 Ã $5) + (10 Ã $4)] = $172.