On January 1, 2010, ABC Co. had inventory of 200 units @ 18.00 a unit. It purchased 400 more units @ $20.00 a piece on Feb. 19th. On May 12th, it bought 300 more units @ $22.00 each. On Oct. 3rd, it bought an additional 100 units for $24.00 a unit. On Dec. 31st, an inventory count showed only 206 units that had not been sold.
Prepare a report shows the Ending Inventory Balance and the Cost of Goods Sold for the year using each of the three inventory valuation methods, LIFO, FIFO, and Average Cost. You will be graded on how well your worksheet data flows.