measure inventory using FIFO, LIFO, and Average-Cost

2. Ch. 5: Measuring Inventory using FIFO, LFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1, ABC had a beginning. inventory balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Jan. 3 Purchased 200 units at $6/ unit Jan. 9 Sold 250 units at $10 /unit Jan. 13 Purchased 500 units at $7 / unit Jan. 24 Sold 600 units at $11 /unit a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. Cost of Goods Sold Ending Inventory