Question: Inventory Costing Methods Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit Beginning inventory Purchase 1, Feb.

Inventory Costing Methods Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit Beginning inventory Purchase 1, Feb. 24 Sale 1 $400 130 145 180 90 265 370 330 Purchase 2, July2 Purchase 3, Oct. 31 Sale 2 250 All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system Required: Compute the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average Cost Cost of ending inventory Cost of goods sold
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