Question

In: Accounting

Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods.

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B)

Tyler Company has the following information related to purchases and sales of one of its inventory items.

DateDescriptionUnits Purchased at CostUnits Sold at Retail
Sept. 1Beginning inventory20 units @ $5
10Purchase30 units @ $8
20Sales
40 units @ $15
25Purchase25 units at $10

Assume that the company uses the periodic inventory system.

Required:

Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)


FIFOLIFOAvg Cost
Cost of goods sold$$$
Ending inventory$$$

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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