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Question - Chu Company had the following records on a product called "The Widget" in 2015.
Units Unit Cost
January 1 Beginning Inventory 100 $20
April 25 Purchase 200 $26
July 26 Purchase 300 $28
October 3 Purchase 250 $30
By the year end, Chu Company had sold 670 widgets.
Required -
a) Calculate the cost of goods sold and ending inventory, using the FIFO method of inventory valuation.
b) Calculate the cost of goods sold and ending inventory, using the LIFO method of inventory valuation.
c) Calculate the cost of goods sold and ending inventory, using the average cost method of inventory valuation.
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