Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost
Abercrombie and Fitch
Star Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 1:
| Units | Unit Cost |
Inventory, December 31, 2011 | 2,000 | $5 |
For the year 2012: |
|
|
Purchase. March 21 | 5,000 | 7 |
Purchase. August 1 | 3,000 | 8 |
Inventory. December 31, 2012 | 4,000 |
|
Required:
Compute ending inventory and cost of goods sold under FIFO. LIFO. and average cost inventory costing methods. (Hint: Set up adjacent columns for each case.)
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