Question
Tamarisk, Inc. Inc. had a beginning inventory of 105 units of Product RST at a cost of $10 per unit. During the year, purchases were:
Tamarisk, Inc. Inc. had a beginning inventory of 105 units of Product RST at a cost of $10 per unit. During the year, purchases were:
Feb. 20 | 610 units | at | $11 | Aug. 12 | 385 units | at | $13 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 5 | 490 units | at | $12 | Dec. 8 | 95 units | at | $14 |
Tamarisk, Inc. uses a periodic inventory system. Sales totaled 1,535 units.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $[enter the ending inventory amount as per FIFO in dollars | $enter the ending inventory amount as per LIFO in dollars | $enter the ending inventory amount as per Average-cost in dollars | |||
The cost of goods sold | $enter the cost of goods sold amount as per FIFO in dollars | $enter the cost of goods sold amount as per LIFO in dollars | $enter the cost of goods sold amount as per Average-cost in dollars |
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