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Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B) Tyler Company has the following information related to purchases and sales of one of its inventory items.
Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B)
Tyler Company has the following information related to purchases and sales of one of its inventory items.
Date | Description | Units Purchased at Cost | Units Sold at Retail |
Sept. 1 | Beginning inventory | 20 units @ $5 | |
10 | Purchase | 30 units @ $8 | |
20 | Sales | 40 units @ $15 | |
25 | Purchase | 25 units at $10 |
Assume that the company uses the periodic inventory system.
Required:
Calculate the cost of goods sold and the cost of ending inventory 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 whole dollar.)
FIFO | LIFO | Avg Cost | |
Cost of goods sold | $ | $ | $ |
Ending inventory | $ | $ | $ |
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