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(Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory Purchase 1, Feb.
(Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory Purchase 1, Feb. 26 400 units at $13 each 2,300 units at $14 each 2,500 units at $27 each Sale 1, March 9 Purchase 2, June 14 2,200 units at $15 each 2,100 units at $29 each Sale 2, Sept. 22 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold
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