A company uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records provided the following information for a product.
|
Units
|
Unit Cost
|
Inventory, December 31 Year 1
|
2,000
|
$4
|
For the current year:
|
|
|
|
Purchase , April 11
|
5,000
|
$6
|
Purchase, June 1
|
3,000
|
$9
|
|
Inventory, December 31 Year 2
|
4,000
|
|
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.