Tyler Company has the following information related to purchases and sales of one of its inventory items. Units Purchased at Cost Units Sold at Retail 400 units @ $12 600 units @ $14 Description Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost Date Cost of goods sold Ending inventory 8,160 X $ 20,404 700 units at $15 LIFO $ 8,880 X $ 19,320 X 660 units @ $24 $ 8,448 X 19,752 X
Tyler Company has the following information related to purchases and sales of one of its inventory items. Units Purchased at Cost Units Sold at Retail 400 units @ $12 600 units @ $14 Description Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost Date Cost of goods sold Ending inventory 8,160 X $ 20,404 700 units at $15 LIFO $ 8,880 X $ 19,320 X 660 units @ $24 $ 8,448 X 19,752 X
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Inventory Costing Methods
Tyler Company has the following information related to purchases and sales of one of its inventory items.
Units Purchased at Cost
Units Sold at Retail
400 units @ $12
600 units @ $14
Description
Sept. 1 Beginning inventory
10 Purchase
20 Sales
25 Purchase
700 units at $15
Assume Tyler uses a perpetual inventory system..
Date
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
FIFO
Avg Cost
Cost of
goods
sold
Ending
inventory
$
8,160 X
$
20,404
LIFO
$
8,880 X
660 units @ $24
$
19,320 X
$
8,448 X
$
19,752 X
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