The Clayton Music Company was formed on December 1, 2007. The following information is available from Clayton's inventory records:
Units Unit Cost
Balance at Jan 1, 08 4800 14.25
purchases:
January 17, 2008 9000 15.00
March 12, 2008 7200 16.50
June 23, 2008 3600 15.75
November 15, 2008 5400 17.25
The company uses periodic inventory system, and a physical inventory on November 30, 2008 shows 9,600 units on hand. Prepares schedules to compute the ending inventory at November 30, 2008 under each of the following inventory methods
1. FIFO
2. LIFO
3. Average cost