Suppose Saxton Corporations inventory records for a particular computer chip indicate the following at December 31:

The physical count of inventory at December 31 indicates that nine 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 four $60 units and five $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

Transcribed Image Text:

Dec 1 6 units @ $60 = $360 Beginning inventory Purchase 4 units @ $60 = 240 Purchase....13 units @ $70 910 15 26