Compute the cost of goods sold for the year

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Question - Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost - Assume that Madden Company reports the following initial balance and subsequent purchase of inventory.

Inventory balance at beginning of year 1,040 units @ $150 each $156,000

Inventory purchased during the year 1,360 units @ $180 each 244,800

Cost of goods available for sale during the year 2,400 units $400,800

Assume that 1,600 units are sold during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods.

Reference no: EM133129582

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