Clor Company uses a periodic inventory system. At December 31,2011 , the accounting records provided the following information for Product 1:

Required:
Compute the cost of sales and the ending inventory under the FIFO and weighted-average costing methods. (Hint: Set adjacent columns for each case.)

Transcribed Image Text:

Units Unit Cost Inventory, December 31, 2010 3,000 $8 For the year 2011: Purchases, March 31 5,000 9 Purchases, August 1 2,000 7 Inventory, December 31, 2011 4,000