Question: The following are the inventory records of the Garret Company:
|
Units
|
Cost
|
Total
|
|
January 1
|
40
|
$12
|
$480
|
|
Purchases:
|
|
|
|
|
February 10
|
20
|
13
|
260
|
|
July 15
|
40
|
14
|
560
|
|
November 1
|
50
|
15
|
750
|
|
December 10
|
30
|
16
|
480
|
|
Available
|
180
|
|
$2,530
|
Ending inventory consists of 30 units from the July purchase.
Note: The company uses a periodic inventory system.
Required: Calculate ending inventory and cost of sales, using: (a) FIFO, (b) LIFO, (c) average, and (d) specific identification.