1. Use the following information to calculate the inventory value of canned tomatoes:

Beginning inventory 50 cans @ $5.00 per can

Purchases 25 cans @ $6.50 per can

Ending inventory 40 cans

1. How many cans were sold during the month?
2. Use the FIFO method to calculate value of inventory.
3. Use the LIFO method to calculate value of inventory.
4. Use the Weighted Average method to calculate value of inventory.