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Determine the cost of goods sold

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Reference no: EM132254663

Question - The following relates to inventory purchases:

Jan. 1

Beginning inventory

20 units @ $25

=

$500

Mar. 15

Purchase

30 units @ $20

=

600

June 1

Purchase

45 units @ $19

=

855

Sept. 30

Purchase

15 units @ $20

=

300

 

Total

100 units

 

$2,255

There were 30 units remaining in inventory on December 31.

Determine the Cost of Goods Sold and the cost of ending inventory using the FIFO and LIFO valuation methods.

Reference no: EM132254663

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