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
$$\begin{array} { l r c }
& \text { Units } & \text { Purchase Price } \
\text { Beginning inventory } & 8 & \$ 8 \
\text { Purchase \#1 } & 15 & \$ 9 \
\text { Purchase \#2 } & 24 & \$ 11 \
\text { Purchase \#3 } & 12 & \$ 13 \
\text { Sales } & 40 &
\end{array}$$

Question

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
 $$\begin{array} { l r c } 
& \text { Units } & \text { Purchase Price } \
\text { Beginning inventory } & 8 & \$ 8 \
\text { Purchase \#1 } & 15 & \$ 9 \
\text { Purchase \#2 } & 24 & \$ 11 \
\text { Purchase \#3 } & 12 & \$ 13 \
\text { Sales } & 40 &
\end{array}$$

Quizplus · Accepted Answer

The Answer of 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
 $$\begin{array} { l r c } 
& \text { Units } & \text { Purchase Price } \
\text { Beginning inventory } & 8 & \$ 8 \
\text { Purchase \#1 } & 15 & \$ 9 \
\text { Purchase \#2 } & 24 & \$ 11 \
\text { Purchase \#3 } & 12 & \$ 13 \
\text { Sales } & 40 &
\end{array}$$

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