Brief Exercise $6-35($Algorithmic$)$

Inventory Costing Methods

Tyler Company has the following information related to purchases and sales of one of its inventory items.

$\backslash$table$[[$Date$,$Description,Units Purchased at Cost,Units Sold at Retail$],[$Sept$.1,$Beginning inventory,$400$ units @ $$15,],[$Sept$.10,$Purchase,$600$ units @ $$16,]]$

Sept. $20$ Sales $630$ units @ $$27$

Sept. $25$ Purchase $900$ units at $$18$

Assume the company uses a perpetual inventory system.

Required:

Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.

$\backslash$table$[[,$FIFO,LIFO,Avg Cost$],[$Cost of goods sold,$$,$$$,$$