Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase Cost of goods sold Ending inventory Units Purchased at Cost FIFO 400 units @ $15 600 units @ $16 600 units at $18 Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. LIFO Units Sold at Retail Avg Cost 620 units @ $27

Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods