Alternative Inventory Methods

Nevens Company uses a periodic inventory system. During November, the following transactions occurred:

Date		Transaction	Units	Cost/Unit
November 1		Balance	500	$3.50
8		Sale	350
13		Purchase	300	4.00
21		Purchase	200	5.00
28		Sale	150

Required:

1.	Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions. If required, round your answers to the nearest dollar.

1. FIFO

   Cost of Goods Sold	$
   Ending Inventory	$

2. LIFO

   Cost of Goods Sold	$
   Ending Inventory	$

3. Average cost (In your computations, round per unit costs to the nearest cent.)

   Cost of Goods Sold	$
   Ending Inventory	$