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Kiner Co. uses a PERIODIC system and has the following data related to an item of inventory: Inventory, March 1 100 units @ $4.20 Purchase,
Kiner Co. uses a PERIODIC system and has the following data related to an item of inventory:
Inventory, March 1 100 units @ $4.20
Purchase, March 7 350 units @ $4.40
Purchase, March 16 70 units @ $4.50
Sales March 21 390 units
Inventory, March 31 ?
Show all computations.
Compute the cost of ending inventory and COGS using:
- FIFO
- LIFO
- Average cost
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