Prepare a report of the cost of goods sold for the month of January for all three inventory methods. Data is given below:-

Inventory cost computation using different inventory valuation methods:-
Particulars		Unit	Cost
Beginning inventory		500	20
Jan - 18 purchases		800	24
Jan - 25 purchases		700	26
Total units of inventory		2,000
Less
Sales		1,400
Units of ending inventory		600
First in - First out (FIFO) method :-
Particulars		Unit	Cost
Ending inventory in FIFO		600	26
Last in - First out (LIFO) method :-
Particulars		Unit	Cost
Beginning inventory		500	20
Jan - 18 purchases		100	24
Ending inventory in LIFO		600	26
Average cost method :-
	Average cost = Total cost / Total unit
	Average cost = 47,400 / 2,000
	Average cost =	23.7
Particulars		Unit
Ending inventory units		600
Average cost		23.7
Ending inventory in Average cost method		14,220