AN LUI eBook Calculator Inventory Costing Methods Carrington Inc. reported the following information for the month of August: Inventory, August 1 68 units @ $26 Purchase: August 7 59 units @ $27 August 18 64 units @ $29 August 27 46 units @ $31 During August, Carrington sold 151 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold 4,136 1. Of the 151 units sold, 57 cost $26, 41 cost $27, 48 cost $29, and 5 cost $31. 2. FIFO 4,136 3. LIFO 4,389 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) 4,233 Feedback Check My Work Check My Work 4 more Check My Work uses remaining August 22 46 units @ $31 During August, Carrington sold 151 units. The company uses a periodic inventory system. Required: what is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold 1. Of the 151 units sold, 57 cost $26, 41 cost $27, 48 cost $29, and 5 cost $31. 4,136 2. FIFO $ 4,136 x 3. LIFO 4,389 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) 233) Feedback Check My Work The sum of cost of goods sold and ending inventory will be the same under any of the 4 methods. The FIFO method more nearly approximates the physical flow of products in most businesses. Last-in, first-out charges the most recent purchases to cost of goods sold. The average cost method relies on a weighted average calculation of the unit cost. Check My Work 4 more Check My Work uses remaining