Brief Exercise 6-35 (Algorithmic)
Inventory Costing Methods
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 @ $15 | |
Sept. 10 | Purchase | 600 units @ $17 | |
Sept. 20 | Sales | 650 units @ $29 | |
Sept. 25 | Purchase | 800 units at $18 |
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.
FIFO | LIFO | Avg Cost | |
Cost of goods sold | $ | $ | $ |
Ending inventory | $ | $ | $ |
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Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Units Purchased at Cost Units Sold at Retail Description Sept. 1 Beginning inventory 400 units$14 Sept. 10 Purchase 600 units $15 Sept. 20 Sales 640 units$26 Sept. 25 Purchase 600 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and...
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