Suppose Cambridge Corporation€™s inventory records for a particular computer chip indicate the following at October 31:

The physical count of inventory at October 31 indicates that seven units of inventory are on hand.

Requirements
Compute ending inventory and cost of goods sold, using each of the following methods:
1. Specific unit cost, assuming three $60 units and four $70 units are on hand
2. Average cost (round average unit cost to the nearest cent)
3. First-in, first-out
4. Last-in,first-out

Oct 1 Beginning inventory..5 units $60 $300 Purchase....4 units @ $60 240 'urchase Purchase. 15 26 1 units @$8080