Accounting Problem
Vista Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were:
|
Feb. 20
|
600
|
units at
|
$9
|
Aug. 12
|
400
|
units at
|
$11
|
|
May 5
|
500
|
units at
|
$10
|
Dec. 8
|
100
|
units at
|
$12
|
Vista Company Inc. uses a periodic inventory system. Sales totaled 1,500 units.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost).