Question: CorpX has 50 units in beginning inventory with a cost of $300. During the year purchases were made as follows: January 15- 100 units @

CorpX has 50 units in beginning inventory with a cost of $300.

During the year purchases were made as follows: January 15- 100 units @ 5.75 per unit

June 15- 100 units @ 5.50 per unit

October 20-50 units @ 5.00 per unit

An inventory count at year end reveals 60 units in ending inventory.

A). What is the ending inventory under:

LIFO, FIFO, average cost methods

B). What is the cost of goods sold under:

LIFO, FIFO, average cost methods

C). What is the LIFO reserve?

D). Which method should the company utilize? Why? What is the dollar benefit? Explain.

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