Exercise 6-63 (Algorithmic) Inventory Costing Methods: Periodic Inventory System (Appendices 6B) The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory 400 units at $8 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2.500 units at $27 each Purchase 2, June 14 2,200 units at $15 each Sale 2. Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dolls FIFO LIFO Average cost Cost of ending inventory $ 4,500 $ Cost of goods sold Feedback Check My Work For cost of ending inventory and the cost of goods sold using the FIFO method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under FIFO, the earliest purchases (first in) are assumed to be the first sold (the first out) and the more recent purchases are in ending inventory. For cost of ending inventory and the cost of goods sold using the LIFO method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under LIFO, the most recent purchases (newest costs) are allocated to cost of goods sold and the earliest purchases (oldest costs) are allocated to ending inventory For cost of ending inventory and the cost of goods sold using the average cost method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under average cost, the cost of goods available for sale is allocated between ending inventory and cost of goods sold based on the average cost of the goods available for sale