Problem: Computing Cost of Sales and Ending Inventory
Stocken Company has the following financial records for the current period.
Units Unit Cost
Beginning Inventory 100 $ 46
Purchases: #1 650 42
#2 550 38
#3 200 36
Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using
(a) first-in, first out,
(b) average cost, and
(c) last-in, last out.