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 @ $$12,],[$Sept$.10,$Purchase,$600$ units @ $$14,],[$Sept$.20,$Sales,,$],[$Sept$.25,$Purchase,$700$ units at $$15,]]$

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

LIFO

$

$

Avg Cost

$

$