Calculations Shown

Periodic Inventory under LIFO, FIFO, and Average Cost Required: Determine ending inventory value and cost of merchandise sold using all three methods. 1/1/12 Inventory 20 @ $23 4/6/12 Purchase 15 @ 25 6/8/12 Purchase 32 @ 28 9/4/12 Purchase 15 @ 30 12/1/12 Purchase 17 @ 31 Assume there are 40 units left in ending inventory. Make sure you label your answers according to the method. Also clearly label the cost of ending inventory and the cost of goods sold. Unit cost in average cost method should be rounded and used to nearest cent