Inventory Costing Methods

Morrison Inc. reported the following information for the month of October:

Inventory, October 170 units @ $22Purchase:October 754 units @ $23October 1859 units @ $24October 2746 units @ $25

During October, Morrison sold 146 units. The company uses a periodic inventory system.

Required:

What is the value of ending inventory and cost of goods sold for October under the following assumptions.

AssumptionCost of Goods SoldEnding Inventory1.Of the 146 units sold, 59 cost $22, 38 cost $23, 44 cost $24, and 5 cost $25.$$2.FIFO$$3.LIFO$$4.Weighted average method (Round average unit cost to the nearest cent,

and round all other calculations and your final answers to the nearest dollar.)