Question: Following are data related to a product of Coen Company for the year 2010:
a. Assuming use of perpetual inventory procedure, compute the ending inventory and cost of goods sold under each of the following methods:
(1) FIFO,
(2) LIFO, and
(3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).
b. Assuming use of periodic inventory procedure, compute the ending inventory and cost of goods sold under each of the following methods:
(1) FIFO,
(2), LIFO, and
(3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).