Inventory Costing Methods Carrington Inc. reported the following information for the month of February: Inventory, February 1 57 units @ $26 Purchase: February 7 52 units $27 February 18 70 units @ $28 February 27 42 units $29 During February, Carrington sold 141 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for February under the following assumptions. Assumption Cost of Goods Sold 1. Of the 141 units sold, 48 cost $26, 36 cost $27, 53 cost $28, and 4 cost $29. 3,820 Ending Invento: 2,244 2. FIFO 3. LIFO 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) 22.09 X Check My Worx The sum of cost of goods sold and ending inventory will be the same under any of the 4 methods. The FIFO method more nearly approximates the physical flow of products in most businesses. Last-in, first-out charges the most recent purchases to cost of goods sold. The average cost method relies on a weighted average calculation of the unit cost. Check My Work