Computing periodic inventory amounts [10-15 min] The periodic inventory records of Camb...

Computing periodic inventory amounts [10-15 min]

The periodic inventory records of Cambridge Prosthetics indicate the following at October 31:

At October 31 Cambridge counts 5 units of inventory on hand.

Requirement

1. Compute ending inventory and cost of goods sold, using each of the following methods:

a. Average cost (round average unit cost to the nearest cent)

b. First-in, first-out

c. Last-in, first-out