Question
Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold
Tyler Company has the following information related to purchases and sales of one of its inventory items.
| Date | Description | Units Purchased at Cost | Units Sold at Retail |
| Sept. 1 | Beginning inventory | 400 units @ $14 | |
| Sept. 10 | Purchase | 600 units @ $15 | |
| Sept. 20 | Sales | 680 units @ $26 | |
| Sept. 25 | Purchase | 600 units at $17 |
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
| FIFO | LIFO | Avg Cost | |
| Cost of goods sold | $ | $ | $ |
| Ending inventory | $ | $ | $ |
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Management Accounting
Authors: Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen
6th Edition
9780077185534
