ACCOUNTING

1) Inventory Balance and COGS (10 points) Canfield Trading shows the beginning inventory of a particular product, and the purchases during the current year, as follows: Jan. Apr. Aug. Dec. 1 Beginning Inventory 8 Purchase 11 Purchase 23 Purchase Total available for Sale 35 40 30 35 140 units @ units @ units @ units @ units $6.50 $6.40 $5.90 $5.50 $227.50 $256.00 $177.00 $192.50 $853.00 = During the year Canfield Trading sold in total 95 units of this product. Instruction: (show your calculations and round to 2 decimal places) Determine the cost of the year-End Inventory and the Cost of Goods Sold for this product under each of the following Methods of Inventory Valuation: Inventory at Dec. 31st Cost of Goods Sold Average Cost First-in, First-out Last-in, First-out If Canfield Trading wants to achieve a high profit end of the year, which method should they choose? Explain fully your