Question: 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
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 Units Sold at Retail Sept. 1 Sept. 10 Sept. 20 Description Beginning inventory Purchase Units Purchased at Cost 400 units @ $19 600 units @ $20 Sales 670 units @ $34 Sept. 25 Purchase 900 units at $22 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 S $ $ Check My Work
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