Question - FIFO and LIFO inventory methods
During June, the following changes in inventory item BSD took place:
Purchases
June 1 (balance) 3200 @ $3.10
June 6 3300 @ $3.20
June 24 3500 @ $3.30
Sales
June 4 2000 @ $7.50
June 18 3350 @ 8.00
June 25 3100 @ 8.00
Instructions: What is the ending inventory and the cost of goods sold for item BSD under the following methods?
A. FIFO.
B. LIFO.
C. Average Cost.