You have been given the following information for December 2021.

December 1, 2021, beginning balance of inventory: 2,000 units @20.00 each.

Purchases
Dec 2 500 @ $21.00
7 600 @ $22.00
15 700 @ $23.00
20 1,800 @ $24.00
27 700 @ $25.00

The company uses the periodic inventory accounting system. The December-end inventory consists of 1,200 units. Based on this information, find

1. cost of goods sold under the LIFO method 
2. cost of ending inventory under the FIFO method 
3. per unit cost of inventory under the weighted average cost method 

Please highlight your final answer number for each question in yellow.

Answer rating: 100% (QA)

Solution 1 Cost of good sold under LIFO Method Cost of good available En... View the full answer