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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. Date

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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. Date Description Units Sold at Retail Units Purchased at Cost 400 units @ $13 Sept. 1 Beginning inventory Purchase Sept. 10 600 units @ $15 Sept. 20 Sales 710 units @ $26 Sept. 25 Purchase 700 units at $16 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. FIFO LIFO Avg Cost Cost of goods sold $ Ending inventory

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