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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:
- FIFO
- LIFO
- Weighted-average cost inventory methods.
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