In: Accounting
Inventory Costing Methods
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 | 400 units @ $18 | |
Sept. 10 | Purchase | 600 units @ $19 | |
Sept. 20 | Sales | 630 units @ $32 | |
Sept. 25 | Purchase | 800 units at $21 |
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.
FIFO | LIFO | Avg Cost | |
Cost of goods sold | $ | $ | $ |
Ending inventory | $ | $ | $ |
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.