Brief Exercise $6-35($Algorithmic$)$

Inventory Costing Methods

Tyler Company has the following information related to purchases and sales of one of its inventory items.

$\backslash$table$[[$Date$,$Description,Units Purchased at Cost,Units Sold at Re$],[$Sept$.1,$Beginning inventory,$400$ units @ $$15,],[$Sept$.10,$Purchase,$600$ units @ $$17,],[$Sept$.20,$Sales,,$],[$Sept$.25,$Purchase,$600$ units at $$18,]]$

Assume the company uses a perpetual inventory system.

Required:

Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.

FIFO

Cost of goods sold

LIFO

Avg Cost

Ending inventory

$$ $ $$ $ $$ $ $