Inventory Costing Methods

Tyler Company has the following information related to purchases and sales of one of its inventory items.

$\backslash$table$[[$Date$,$Description,Units Purchased at Cost,Units Sold at Retail$],[$Sept$.,1,$Beginning inventory,$400$ units @ $$20,],[,10,$Purchase,$600$ units @ $$22,],[,20,$Sales,,$640$ units @ $$37],[,25,$Purchase,$700$ units at $$23,]]$

Assume Tyler uses a perpetual inventory system.

Required:

Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.

$\backslash$table$[[,$FIFO,LIFO,Avg Cost$],[$Cost of$,$$$,$$$,$$