The following data relate to inventory for the year ended December 31, 2009:

A physical inventory on December 31, 2009, indicates that 400 units are on hand and that they came from the March 1 purchase.

Required
Compute the cost of goods sold for the year ended December 31, 2009, and the ending inventory under the following cost assumptions:
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Average cost (weighted average)
d. Specificidentification

Transcribed Image Text:

Date Description Number of Units Cost per Unit $5.00 6.00 7.00 7.50 Total Cost January 1 March I August 1 November 1 Beginning inventory Purchase Purchase Purchase 400 1,000 200 200 1,800 2,000 6,000 1,400 500 $10,900