In: Accounting
Ace Corp. had the following information for the year.
Beginning Inventory at January 1 200 units @ $160 per unit
Inventory Purchase, March 400 units @ $180 per unit
Inventory Purchase, August 300 units @ $200 per unit
Inventory Purchase, October 25 units @ $21 per unit
Ending Inventory at December 31 350 units
What is Ace Corp’s:
Cost of goods sold for the year, using FIFO?
Ending inventory at December 31, using FIFO?
Cost of goods sold for the year, using LIFO?
Ending inventory at December 31, using LIFO?
Cost of goods sold for the year, using Average Cost?
Ending inventory at December 31, using Average Cost?