The periodic inventory records of Synergy Prosthetics indicate the following at July 31:
|
Jul 1
|
Beginning inventory
|
6 units
|
@ $60
|
|
8
|
Purchase
|
5 units
|
@ $67
|
|
15
|
Purchase
|
10 units
|
@ $70
|
|
26
|
Purchase
|
5 units
|
@ $85
|
At July 31, Synergy counts two units of inventory on hand.
Requirement
1. Compute ending inventory and cost of goods sold, using each of the following methods:
a. Average cost (round average unit cost to the nearest cent)
b. First-in, first-out
c. Last-in, first-out