Problem 6-3A

Groves Company Inc. had a beginning Inventory of 139 units of Product MLN at a cost of $11 per unit. During the year, puchases were:

Feb.20 835 units at $13 Aug. 12 557 units at $15 May 5 696 units at $14 Dec. 8 139 units at $17

Groves Company uses a periodic inventory system. Sales totaled 2,087

Determine the cost of good available for sale

COGS- $32846 Correct

The cost of goods available to sale

Average Cost- $13.883 Correct

Determine the ending inventory and the cost of goods sold unnder each of the assumed cost flow methods ( FIFO, LIFO, and Average Cost

FIFO LIFO Average Cost

The ending Inventory $ $ $

The Costs of goods sold $ $ $

How do you calculate FIFO, LiFO is their a formula?