Inventory Valuation: FIFO, LIFO, and Average The company reported the following inventory data for the year:

Compute (1) cost of goods sold and (2) ending inventory assuming
(a) FIFO inventory valuation,
(b) LIFO inventory valuation, and
(c) Average cost inventory valuation. The company uses a periodic inventorysystem.

Transcribed Image Text:

Units Cost per Unit $17.50 8.00 Beginning Inventory Purchases: 300 March 23 September 16_.^.. 900 .200 400 8.25 Unlts remaining at year-end