Brief Exercise 7-4

Inventory Costing Methods

A company with no inventory buys the following three inventory items:

On January 10, the company sells one item for $10.

On January 15, the company sells a second item for $10.

The company uses a perpetual inventory system.

Required:

Calculate the company's cost of goods sold under the following inventory costing methods. If required, round your answers to two decimal places.

a.FIFO$_________________b.LIFO$_________________c.Moving Average$_________________