Determine ending inventory and cost of goods sold assuming

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Reference no: EM13481610

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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