PROBLEM 5

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:

1. FIFO
2. LIFO
3. Average cost