Question

# Tyler Company has the following information related to purchases and sales of one of its inventory...

Tyler Company has the following information related to purchases and sales of one of its inventory items.

 Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ \$12 Sept. 10 Purchase 600 units @ \$13 Sept. 20 Sales 620 units @ \$22 Sept. 25 Purchase 900 units at \$15

Assume the company uses a perpetual inventory system.

Required:

Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.

Calculate ending inventory and cost of goods sold

 FIFO LIFO Average cost Ending inventory (380*13+900*15) = 18440 (900*15+380*12) = 18060 26100-7812 = 18288 Cost of goods sold 26100-18440 = 7660 26100-18060 = 8040 620*12.60 = 7812

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