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 Purchased at Cost Units Sold at Retail Beginning inventory Sept. 1 Sept. 10 Sept. 20 400 units @ $14 600 units @ $15 Purchase Sales 700 units @ $26 Sept. 25 Purchase 700 units at $17 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