Art's Craft Shop had the followingacquisitions of inventory during the most recent year:
|
Event
|
Units
|
Unit Cost
|
Total Cost
|
|
Beginning Inventory
|
2,000
|
$ 8
|
$ 16,000
|
|
Purchase #1
|
3,000
|
10
|
30,000
|
|
Purchase #2
|
6,000
|
12
|
72,000
|
|
Purchase #3
|
8,000
|
14
|
112,000
|
|
Goods Available
|
19,000
|
|
$230,000
|
During the year, 14,000 units were sold at an average sellingprice of $26.
a. Determine ending inventory and cost of goods sold assuming theFIFO method is used.
b. Determine ending inventory and cost of goods sold assuming theLIFO method is used.
c. Determine ending inventory and cost of goods sold assuming theweighted average method is used.