Credit Card Company had the following inventory data for the current month.
Beg inventory + 10 units @ $50. = $500
1st purchase = 30 units @ 60 = $1,800
2nd purchase = 25 units @ 65 -$1,625
Total units = 65 Total cost = $3,925
At the end of the month, there were 15 units on hand.
Compute cost of goods sold and ending inventory for each of the following methods.
a. Average cost
b. First in-First out(FIFO)
c. Last in - First out(LIFO)