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Problem 2. (15 points) Oxnard Corporation reported the following information for the month of November 200X, regarding its Product X Purchases Unit Total Date (Units).
Problem 2. (15 points) Oxnard Corporation reported the following information for the month of November 200X, regarding its Product X Purchases Unit Total Date (Units). Cost Cost November 1, 200X Beginning Inventory 200 $50 $10,000 November 15 Purchase 600 $60 36.000 November 23 Sold 500 units. November 25 Purchase 400 $70 28.000 November 27 Sold 600 units. November 28 Purchase 220 $75 16,500 Goods available for sale 1420 $90.500 Required: Compute the cost of goods sold using the FIFO, LIFO, and average cost methods, assuming that the company uses a perpetual inventory system. (1) FIFO Method: (2) LIFO Method: (3) Average Cost Method
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