Computations involving different cost-flow assumptions. Sun Health Food€™s purchases of vitamins during 2008, its first year of operations, were as follows:

The inventory on December 231, 2008, was 420 units. Compute the cost of the inventory on December 31, 2008, and the cost of goods sold for 2008 under each of the following cost-flow assumptions:
(a) FIFO.
(b) Weighted average.
(c)LIFO.

Transcribed Image Text:

Total Cost Cost per Unit Quantity 460 670 January 5 Purchase.. April 16 Purchase. August 26 Purchase.. November 13 Purchase. Tatals.... $ 1,978 2,814 $4.30 4.20 4.16 2,080 3,567 500 4.10 870 2,500 $10,439