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Big Apple Companys inventory records for the year 2011 are as follows: The year 2011 Number of Units Cost per Unit Total Cost Beginning Inventory

Big Apple Company’s inventory records for the year 2011 are as follows:

The year 2011Number of UnitsCost per UnitTotal Cost
Beginning Inventory3,300$2.95$9,735
First purchase2,6003.108,060
Second purchase3,1003.109,610
Third purchase2,4003.257,800
Fourth purchase1,9003.456,555
Goods available for sale13,300
Units sold during the year12,000

Compute the cost of ending inventory and cost of goods sold for 2011, using the following inventory costing methods:

FIFO

LIFO

Weighted Average

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PIFO Ending inventory 1300 x 3 45 LIFO 13300 12000 1300 4485 cost of goods Sold 3300 2600 3300 ... blur-text-image

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