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.

DATE	DESCRIPTION	UNITS PURCHASED AT COST	UNITS SOLD AT RETAIL
Sept. 1	Beginning Inventory	400 units at $11
Sept. 10	Purchase	600 units at $13
Sept. 20	Sales		660 units at $22
Sept. 25	Purchase	1000 units at $14

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
Cost of goods sold	$?	$?	$?
Ending Inventory	$?	$?	$?