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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

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
Sept. 1 Beginning inventory 400 units @ $14
Sept. 10 Purchase 600 units @ $15
Sept. 20 Sales 670 units @ $26
Sept. 25 Purchase 600 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 $ $ $

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