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Question - Ling Company's inventory records for the current year are as follows:
Beginning inventory
Num of units - 2,200
Cost per units - $3.00
Total Cost - $ 6,600
First purchase
Num of units - 3,000
Cost per units - $2.90
Total Cost - $8,700
Second purchase
Num. of Units - 3,500
Cost per units - $2.80
Total Cost -$9,800
Third purchase
Num. of Units - 2,800
Cost per Units - $2.70
Total Cost $7,560
Fourth purchase
Num of Units - 2,500
Cost per units -$2.60
Total Cost - $6,500
Goods available for sale 14,000
Total - $39,160
Units sold during the year 9,000
Required - Compute the cost of ending inventory using the following inventory costing methods:
1. FIFO
2. LIFO
3. Average Cost
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