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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 @ $11 | |
Sept. 10 | Purchase | 600 units @ $12 | |
Sept. 20 | Sales | 710 units @ $20 | |
Sept. 25 | Purchase | 900 units at $14 |
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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