Problem III

The following data was obtained from the inventory records of Moore Company which started operations on January 1, 2020:

Jan. 1: 30 units @ $40

May 1: 50 units @ $42

Nov.1: 20 units @ $48

A physical count of the inventory on December 31, 2020 indicated 35 units remain.

REQUIRED:

Calculate both Cost of Goods Sold and Ending Inventory under the three methods of periodic inventory costing:

CGS EI

FIFO

LIFO

AVERAGE COST