Question: PROBLEM 5 Kiner Co. uses a PERIODIC system and has the following data related to an item of inventory: Inventory, March 1 100 units @

PROBLEM 5

Kiner Co. uses a PERIODIC system and has the following data related to an item of inventory:

Inventory, March 1 100 units @ $4.20

Purchase, March 7 350 units @ $4.40

Purchase, March 16 70 units @ $4.50

Sales March 21 390 units

Inventory, March 31 ?

Show all computations.

Compute the cost of ending inventory and COGS using:

  1. FIFO
  2. LIFO
  3. Average cost

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