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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
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 Sept. 10 Beginning inventory 400 units @ $15 Purchase 600 units @ $16 Sept. 20 Sales 660 units @ $27 Sept. 25 Purchase 900 units at $18 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. Cost of goods sold Ending inventory FIFO LIFO Avg Cost
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