The July 2012 inventory records of Mario's Bookstore showed the following:

1. Using the perpetual inventory method, compute the ending inventory and cost of goods sold balances with
(a) FIFO,
(b) LIFO,
(c) average cost. Compute unit costs to the nearest cent.
2. Which of the three alternatives is best?Why?

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July 1 Beginning inventory.28,000 at $2.00 $56,000 13,500 20,000 $89,500 5 Sold 13 Purchased.. 4,000 17 Sold 25 27 Sold 6,000 at S2.25 # 3,000 8,000 at $2.50 = 5,000 Purchased