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Using the Following Information Calculate the Ending Inventory Balance and the Cost

Question 54

Essay

Using the following information calculate the ending inventory balance and the cost of goods sold expense that would be reported at the end of the year if the following inventory valuation methods are used:
a.Average cost
b.FIFO
c.LIFO
 Units  Purchase Price  Beginning inventory 100$25 Purchase #1 80$26 Purchase #2 160$23 Purchase #3 90$24 Sales 260\begin{array}{lrr}&\text { Units } & \text { Purchase Price }\\\text { Beginning inventory } & 100 & \$ 25 \\\text { Purchase \#1 } & 80 & \$ 26 \\\text { Purchase \#2 } & 160 & \$ 23 \\\text { Purchase \#3 } & 90 & \$ 24 \\\text { Sales } & 260 &\end{array}

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