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The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 300 units @ $5.00 Purchase, January 9 900 units

The Rock Shop shows the following data related to an item of inventory:

Inventory, January 1 300 units @ $5.00

Purchase, January 9 900 units @ $5.40

Purchase, January 19 210 units @ $6.00

Inventory, January 31 300 units

Required: Please show all calculations

(a) What value should be assigned to the ending inventory using FIFO?

(b) What value should be assigned to cost of goods sold using LIFO?

(c) What value should be assigned to the ending inventory using Weighted Average (round unit cost to nearest penny)?


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