EXERCISER2 Express Distribution had the following information available for October: Unit Total Units Cost Cost Beg Inv. Oct 1 2,000 $7 $14,000 Purchases: 3 2,500 S8 $20,000 9 3,500 S9 $31,500 19 3,000 S10 $30,000 25 4,000 SII $44,000 Goods Available for Sale 15,000 $139,500 5 The October 31 ending inventory consisted of 4.100 units. Instructions 5) Determine (1) the cost of the ending inventory, and (2) the cost of goods sold under each of the cost flow methods (FIFO, LIFO and average). Prove the accuracy of the cost of goods sold under each 7 method. 8 First-in, First-out (FIFO): 9 Ending Inventory: 4,100 Cost of Goods Sold: 20 Unit Total Unit Total Units Cost Cost Units Cost Cost 22 2.000 $7 14,000 23 2.500 S8 20,000 24 3.500 25 26 Total 4,100 27 28 Last-in, First-out (LIFO): 29 Ending Inventory: Cost of Goods Sold: 30 Unit Total Unit Total 31 Units Cost Cost Units Cost Cost 32 33 34 35 36 37