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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 @ $20 | |
10 | Purchase | 600 units @ $22 | |
20 | Sales | 670 units @ $37 | |
25 | Purchase | 1,000 units at $23 |
Assume Tyler uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
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