Reference no: EM13496463

At the beginning of the current year, MegaSounds opened a music store that sells compact disks.  At the end of the year, a physical inventory count revealed that 2,500 of those disks are on hand.

Date                No. of disks purchased         Cost/Unit        Total Cost     

Jan 1                           1,400                           $8.00               $   

Feb 4                           3,500                           $8.50               $

July 5                          4,800                           $8.25               $

Aug 6                          6,800                           $8.30               $

Oct 11                         11,300                         $8.40               $                     

Total                           27,800                                                 $

Required:

1) Calculate the total cost for each purchase date.

2) Calculate the ending inventory using (a) FIFO, (b) LIFO, and Average Cost methods.