Inventory Costing Methods A company with no inventory buys the following three inventory items:
Date item Cost
January 7 A $6
January 9 B $7
January 12 C $8
On January 10, the company sells one item for $10.
On January 15, the company sells a second item for $10.
The company uses a perpetual inventory system. Required: Calculate the company's cost of goods sold under the following inventory costing methods. If required, round your answers to two decimal places.
a. FIFO $
b. LIFO $
c. Moving Average $