Date	Explanation		Units		Unit Cost		Total Cost
1-Jan	Inventory		250		$ 12.00		$ 3,000.00
15-Feb	Purchases		155		$ 13.50		$ 2,092.50
12-Apr	Purchases		260		$ 13.90		$ 3,614.00
5-May	Sale		490
3-Jun	Purchases		200		$ 15.75		$ 3,150.00
	Purchased		865		Total Cost		$ 11,856.50
	Sold		490
	End. inventory		375

(b)	Determine (1) the ending inventory and (2) the cost of goods sold under each of the
	assumed cost flow methods (FIFO, LIFO and average cost).

FIFO
(1) Ending Inventory - FIFO
Date		Units		Unit Cost		Total Cost
(2) Cost of Goods Sold - FIFO
Date		Units		Unit Cost		Total Cost
LIFO
(1) Ending Inventory - LIFO
Date		Units		Unit Cost		Total Cost
(2) Cost of Goods Sold - LIFO
Date		Units		Unit Cost		Total Cost

Answer rating: 100% (QA)

SOLUTION b Determine the ending inventory and cost of goods sold under each of ... View the full answer