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Ice Fire Company had the following items available for sale in the last accounting period. The company sold 300 units in that period. Beginning inventory

Ice Fire Company had the following items available for sale in the last accounting period. The company sold 300 units in that period.

Beginning inventory

100 units @ $5

Purchases (in order from first to last):

100 units @ $6

200 units @ $7

200 units @ $8

  1. Compute ending inventory balance and cost of goods sold at the end of the period using LIFO. (Show your calculation like A/B=C or (A+B)/C=D etc.)
  1. Compute ending inventory balance and cost of goods sold at the end of the period using FIFO. (Show your calculation like A/B=C or (A+B)/C=D etc.)
  2. Compute ending inventory balance and cost of goods sold at the end of the period using average cost method. (Show your calculation like A/B=C or (A+B)/C=D etc.)

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