Question: (a)Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost perunit to 2 ?decimal places, e.g. 5.25 ?and final answers to 0 ?decimal places, e.g. 2,520.)

$($a$)$Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average$-$cost$.($Round average cost perunit to $2$ ?decimal places, e$.$g$.5\mathrm{.}25$ ?and final answers to $0$ ?decimal places, e$.$g$.2,520.)$

Transcribed Image Text:

Date Explanation Units Unit Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 23 Purchase 750 7 5,250 30 Inventory 280 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.) Ending inventory $ +A Cost of goods sold $ FIFO $ $ LIFO AVERAGE-COST $ $ Date Explanation Units Unit Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 23 Purchase 750 7 5,250 30 Inventory 280 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.) Ending inventory $ +A Cost of goods sold $ FIFO $ $ LIFO AVERAGE-COST $ $