Task:

Assuming use of perpetual inventory procedure, compute the ending inventory and cost of goods sold under each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).

Assuming use of periodic inventory procedure, compute the ending inventory and cost of goods sold under each of the following methods: (1) FIFO, (2), LIFO, and (3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).

Units 2,100 Merchandise Inventory, January 1 Purchases: March 10 May 24 July 15 September 20 December 1 Sales: April 5 June 13 October 9 November 21 1,500 3,000 1,800 2,100 2,700 Unit Cost @ $12.60 @ 12.00 @ 11.20 @ 10.50 @ 9.00 @ 10.00 1,400 2,900 2,300 1,700