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In: Accounting

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

Inventory Costing Methods

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 inventory400 units @ $16
Sept. 10Purchase600 units @ $18
Sept. 20Sales
690 units @ $31
Sept. 25Purchase800 units at $19

Assume the company uses a perpetual inventory system.

Required:

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


FIFOLIFOAvg Cost
Cost of goods sold$fill in the blank 1$fill in the blank 2$fill in the blank 3
Ending inventory$fill in the blank 4$fill in the blank 5$fill in the blank 6

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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