Inventory Costing Methods 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 Tyler uses a perpetual inventory system. Required: 1. Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods FIFO LIFO Avg Cost 260 290 $ Cost of goods sold 330 Ending Inventory 318 300