Computing Cost of Sales and Ending Inventory

Stocken Company has the following financial records for the current period.

UnitsUnit CostBeginning Inventory100$ 28Purchases: #165024#255020#320018

Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in,first out.

(a) First-in, first-outEnding inventory$Answer

Cost of goods sold$Answer

(b) Average costEnding inventory$Answer

Cost of goods sold$Answer

(c) Last-in, first-outEnding inventory$Answer

Cost of goods sold$Answer