Reference no: EM133002356

Question - One of the inventory items sold by Hiddy Co. is a raspberry-vanilla body wash. The inventory quantities, purchases, and sales of this item for the most recent year are shown below.

Number of Units Cost Per Unit Total Cost

Inventory, Jan. 1 400 $2.00 $800

First purchase (April 8) 515 3.00 1,545

Second purchase (July 1) 620 3.50 2,170

Third purchase (September 12) 480 4.20 2,016

Fourth purchase (December 14) 385 4.60 1,771

Goods available for sale 2,400 $8,302

Units sold during the year 1,860

Inventory, Dec. 31 540

Required - Compute the cost of the December 31 inventory and the cost of goods sold for the body wash during the year using:

-The first-in, first-out method (FIFO)

-The last-in, first-out method (LIFO)

-The average-cost method