Inventory Valuation
Olivia Company has the following inventory information available:
Units Units Cost Total Cost
Jan 1 Beginning Inventory 110 $3.20 $352
Feb 15 Purchase 160 3.00 480
May 20 Purchase 175 3.40 595
Aug 13 Purchase 220 3.60 792
Oct 22 Purchase 140 3.80 532
Dec 21 Purchase 75 4.00 300
=880 =3051
sales:
Feb 20 220
Nov 18 300
Dec 12 190
=710
Calculate ending inventory and cost of goods sold for each of the following cost flow methods. Round your final answer for ending inventory and cost of goods sold to the nearest dollar.
a. LIFO
b. FIFO
c. Weighted Average Cost