Task: INVENTORY types of inventory valuation.
Elston Company had a beginning inventory of 200 units at a cost of $12 per unit on August 1. During the month, the following purchases and sales were made.
Purchases Sales
August 4 250 units at $13 August 7 150 units
August 15 350 units at $15 August 11 100 units
August 28 200 units at $14 August 17 250 units
August 24 200 units
Instructions:
Determine ending inventory and cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO.
(a) Average cost:
Ending inventory = $____________; cost of goods sold = $_____________.
(b) FIFO:
Ending inventory = $_____________; cost of goods sold = $____________.
(c) LIFO:
Ending inventory = $_____________; cost of goods sold = $____________.