E$.$ Calculate Inventory

It$$s been half a year and Lidia$$s business has really taken off. She secured her loan and

has started accepting more clients, which in turn means more sales. To help with

organization, she$$s started selling a lot more containers and baskets. Lidia has a large

inventory of baskets that are all different sizes, but each unit is very similar in nature.

She$$d like to determine a better way to cost her basket inventory because her current

method is causing too much loss and she cannot afford to continue down this path. She

has provided you with the information below and would like for you to calculate the cost

of goods sold and ending inventory using all three cost allocation methods $($FIFO$,$ LIFO,

and Weighted Average$).$ Use the periodic method and be sure to show all of your work

to ensure Lidia can make the best decision.

Number of units Cost per unit Total

Beginning Inventory $500$ $$40$ $$20,000$

Purchased in Sept. $6004527,000$

Purchase in Oct. $6504026,000$

Purchase in Nov. $7003524,500$

Totals $($goods avail$)245097,500$

Ending Inventory $550$