Big Apple Company’s inventory records for the year 2011 are as follows:

The year 2011	Number of Units	Cost per Unit	Total Cost
Beginning Inventory	3,300	$2.95	$9,735
First purchase	2,600	3.10	8,060
Second purchase	3,100	3.10	9,610
Third purchase	2,400	3.25	7,800
Fourth purchase	1,900	3.45	6,555
Goods available for sale	13,300
Units sold during the year	12,000

Compute the cost of ending inventory and cost of goods sold for 2011, using the following inventory costing methods:

FIFO

LIFO

Weighted Average

Answer rating: 100% (QA)

PIFO Ending inventory 1300 x 3 45 LIFO 13300 12000 1300 4485 cost of goods Sold 3300 2600 3300 ... View the full answer