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.

Date	Description	Units Purchased at Cost	Units Sold at Retail
Sept. 1	Beginning inventory	20 units @ $5
10	Purchase	30 units @ $8
20	Sales		40 units @ $15
25	Purchase	25 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.)

	FIFO	LIFO	Avg Cost
Cost of goods sold	$	$	$
Ending inventory	$	$	$

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