Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost – Star Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 1:
| Units Don't use plagiarized sources. Get Your Custom Essay on compute ending inventory and cost of goods sold under fifo lifo and average cost inv 555617 For $10/Page 0nly | Unit Cost | ||
| Inventory, December 31, 2011 | 2,000 | $5 | |
| For the year 2012: | |||
| Purchase, March 21 | 5,000 | 7 | |
| Purchase, August 1 | 3,000 | 8 | |
| Inventory, December 31, 2012 | 4,000 | ||
Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
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