Question: A company uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records provided the following information for

A company uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records provided the following information for a product.

Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costingmethods.

No of Units 2000 Unit Cost Particulars Inventory, December 31 Year For the current year: Purchase April 11 Purchase, June 1 Inventory, December 31 Year 2 5000 3000 4000

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