1.2.3

Following is a summary of the first quarter's inventory activity for Scot Kilts Corporation's best selling. Scot uses a periodic inventory system: Required: Compute cost of goods available for sale using the average cost (round average cost per unit to the nearest cent), first-in, first-out and last-in, first-out inventory methods. Assume unit costs of $30, $31 and $29 respectively for the opening inventory. Compute ending inventory using the average cost (round average cost per unit to the nearest cent), first-in, first-out and last-in, first-out inventory methods. Compute cost of goods sold using the average cost (round average cost per unit to the nearest cent), find-in, first-out and last-in, first-out inventory methods