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Date Explanation Units Unit Cost Total Cost 1-Jan Inventory 250 $ 12.00 $ 3,000.00 15-Feb Purchases 155 $ 13.50 $ 2,092.50 12-Apr Purchases 260 $

Date Explanation Units Unit Cost Total Cost
1-Jan Inventory 250 $ 12.00 $ 3,000.00
15-Feb Purchases 155 $ 13.50 $ 2,092.50
12-Apr Purchases 260 $ 13.90 $ 3,614.00
5-May Sale 490
3-Jun Purchases 200 $ 15.75 $ 3,150.00
Purchased 865 Total Cost $ 11,856.50
Sold 490
End. inventory 375
(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the
assumed cost flow methods (FIFO, LIFO and average cost).
FIFO
(1) Ending Inventory - FIFO
Date Units Unit Cost Total Cost
(2) Cost of Goods Sold - FIFO
Date Units Unit Cost Total Cost
LIFO
(1) Ending Inventory - LIFO
Date Units Unit Cost Total Cost
(2) Cost of Goods Sold - LIFO
Date Units Unit Cost Total Cost

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