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Compute ending inventory and cost of goods sold

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Reference no: EM13342444

A company uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records provided the following information for a product.

 

 

Units

Unit Cost

Inventory, December 31 Year 1

2,000

$4

For the current year:

 

 

  Purchase , April 11

5,000

$6

  Purchase, June 1

3,000

$9

Inventory, December 31 Year 2

4,000

 

 Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.

 

Reference no: EM13342444

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