White Co. began the month of September with 1,000 units of inventory on hand at...
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Accounting
White Co. began the month of September with 1,000 units of inventory on hand at a cost of $45 each. These inventory items sell for $65.00 each. White Co. adjusts and closes its books on a monthly basis. The following schedule presents the purchases of this item during the month of September:
Date
Transaction
Unit cost
September 15
Purchased 400 units
$50
September 22
Purchased 300 units
$52
A count of ending inventory reveals 1,050 units in ending inventory.
REQUIRED: Determine Ending Inventory and COGS for the month of September using each of the three methods, FIFO, LIFO, and average cost method. Please show every step, I've seen other examples with different solutions and I'm having trouble understanding how certain numbers are calculated.
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