Determine ending inventory and cost of goods sold assuming

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Art's Craft Shop had the followingacquisitions of inventory during the most recent year:

Event

Units

Unit Cost

Total Cost

Beginning Inventory

2,000

$ 8

$ 16,000

Purchase #1

3,000

10

30,000

Purchase #2

6,000

12

72,000

Purchase #3

8,000

14

112,000

Goods Available

19,000


$230,000

During the year, 14,000 units were sold at an average sellingprice of $26.

a. Determine ending inventory and cost of goods sold assuming theFIFO method is used.

b. Determine ending inventory and cost of goods sold assuming theLIFO method is used.

c. Determine ending inventory and cost of goods sold assuming theweighted average method is used.

Reference no: EM13481610

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