to cost of goods Co SOL month of June. av Date E87 (LO 2), AP Jeters Company uses a periodic inventory system and reports the following for the Explanation Units Unit Cost Total Cost Inventory 120 $5 $ 600 12 Purchase 370 6 2.220 23 Purchase 200 7 1,400 30 Inventory 230 June 1 Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round weighted-average unit cost to three decimal places.) b. Which costing method gives the highest ending inventory? The highest cost of goods sold? Why? c. How do the average-cost values for ending inventory and cost of goods sold relate to ending inven- tory and cost of goods sold for FIFO and LIFO? d. Explain why the unit cost is not $6 per the average-cost method. E6.8 (LO 2), AP Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The com- pany purchased 200 units at a total cost of $26,000. At the end of the year, Lisa had 80 units in ending inventory to cost of goods Co SOL month of June. av Date E87 (LO 2), AP Jeters Company uses a periodic inventory system and reports the following for the Explanation Units Unit Cost Total Cost Inventory 120 $5 $ 600 12 Purchase 370 6 2.220 23 Purchase 200 7 1,400 30 Inventory 230 June 1 Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round weighted-average unit cost to three decimal places.) b. Which costing method gives the highest ending inventory? The highest cost of goods sold? Why? c. How do the average-cost values for ending inventory and cost of goods sold relate to ending inven- tory and cost of goods sold for FIFO and LIFO? d. Explain why the unit cost is not $6 per the average-cost method. E6.8 (LO 2), AP Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The com- pany purchased 200 units at a total cost of $26,000. At the end of the year, Lisa had 80 units in ending inventory