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Calculate ending inventory and cost of sales

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Reference no: EM131969486

Question: The following are the inventory records of the Garret Company:

Units

Cost

Total

January 1

40

$12

$480

Purchases:


February 10

20

13

260

July 15

40

14

560

November 1

50

15

750

December 10

30

16

480

Available

180

$2,530

Ending inventory consists of 30 units from the July purchase.

Note: The company uses a periodic inventory system.

Required: Calculate ending inventory and cost of sales, using: (a) FIFO, (b) LIFO, (c) average, and (d) specific identification.

Reference no: EM131969486

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