Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost - 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:
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Units
|
Unit Cost
|
|
Inventory, December 31, 2011
|
2,000
|
$5
|
|
For the year 2012:
|
|
|
Purchase, March 21
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5,000
|
7
|
|
Purchase, August 1
|
3,000
|
8
|
|
Inventory, December 31, 2012
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4,000
|
Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.