Problem #$3$: Inventory Costing Methods

Farkas Company is a distributor of cuckoo clocks. The information below shows the beginning inventory, purchases and sales of the Kuckulino model for the month of December $20$X$7.$

$\backslash$table$[[$Date$,$Activity,Units Acquired at Cost,$],[$Dec$.4,$Beginning Inventory,$15$ units @ $$80,$Units Sold at Retail$],[$Dec$.9,$Purchase,$25$ units @ $$85,],[$Dec$.16,$Sales,$10$ units @ $$95,],[$Dec$.19,$Purchase,$20$units @ $100,30$ units @ $$145],[$Dec$.22,$Sales,,$15$ units @ $$160]]$

Part A: How many units were available for sale during December? How many units were sold in December? How many units were in ending inventory at December $31$st$?$

Part B: Compute the Cost of Goods Available for Sale

Part C: In the table below, use the FIFO cost flow assumption to compute the ending inventory $($in dollars$)$ and cost of goods sold.

Part D: In the table below, use the LIFO cost flow assumption to compute ending inventory $($in dollars$)$ and cost of goods sold.

$\backslash$table$[[$Date$,$Goods Purchased,Cost of Goods Sold,Inventory Balance$],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$