Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses

Question:

Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system.
Refer to Exercise 6-35,
Tyler Company has the following information related to purchases and sales of one of its inventory items.

Units Purchased at Cost Units Sold at Retail Date Description Beginning inventory 20 units @ $5 30 units @ $8 Sept. 1 10

Required:
Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...