Tony Merchandise Company has the following information for the month of February:
|
Feb. 2
|
Beginning inventory
|
20
|
units
|
@
|
$12
|
per unit
|
|
Feb. 5
|
Purchase
|
20
|
units
|
@
|
$16
|
per unit
|
|
Feb. 8
|
Sale
|
12
|
units
|
|
|
|
|
Feb. 21
|
Purchase
|
12
|
units
|
@
|
$18
|
per unit
|
|
Feb. 25
|
Sale
|
14
|
units
|
|
|
|
Answer the following questions for Tony Merchandise Company:
- Calculate the dollar ending inventory if first in, first out (FIFO) is used.
- Calculate the cost of goods sold if LIFO is used.
- Calculate the dollar ending inventory if weighted average is used.