Question: Finding Ending Inventory and COGS Using LIFO, FIFO & Avg. Cost Methods: ABC Corp. has provided the following information about one of its products: Date

Finding Ending Inventory and COGS Using LIFO, FIFO & Avg. Cost Methods:

ABC Corp. has provided the following information about one of its products:

Date

Transaction

Number of Units

Cost per Unit

1/1

Beginning Inventory

100

$5

5/6

Purchase

50

$7

10/10

Purchase

30

$10

During the year, ABC Corp. sold 170 Units.

Use LIFO, FIFO & Avg. Cost Method to Calculate: Ending Inventory & COGS.

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