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Lauren Browns Tires Company has the following inventory records for the month ending July 31, 2018: ( Periodic Inventory method ) Units Unit Cost Beginning

Lauren Browns Tires Company has the following inventory records for the month ending July 31, 2018: (Periodic Inventory method)

Units

Unit Cost

Beginning

100

$18.00

Purchase #1

40

$15.00

Purchase #2

30

$17.00

Purchase #3

20

$16.00

The company sold 140 tires during July. Assuming the company uses a periodic inventory system, compute the ending inventory and the cost of goods sold for the period using the following inventory costing methods:

  1. FIFO
  2. LIFO
  3. Weighted-average cost inventory methods.

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