Timmons Company had a beginning inventory on January 1 of 100 units of Product SXL at a cost of $20 per unit. During the year, purchases were:

Date Units Unit cost

Mar. 15 300 $23

July 20 250 $25

Sept. 4 350 $28

Dec. 2 100 $30

Timmons Company sold 800 units on 21 August, and it uses a periodic inventory system.

Instructions

a) Determine the cost of goods available for sale.

(b) Determine (1) the ending inventory and (2) the cost of goods sold under LIFO

Extra point: Determine the ending inventory and the cost of goods sold under FIFO use perpetual inventory system