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Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B) Tyler Company has the following information related...

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Accounting

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B)

Tyler Company has the following information related to purchases and sales of one of its inventory items.

Date Description Units Purchased at Cost Units Sold at Retail
Sept. 1 Beginning inventory 20 units @ $5
10 Purchase 30 units @ $8
20 Sales 40 units @ $15
25 Purchase 25 units at $10

Assume that the company uses the periodic inventory system.

Required:

Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)

FIFO LIFO Avg Cost
Cost of goods sold $ $ $
Ending inventory $ $ $

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