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Determine the cogs and ending inventory for year

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Reference no: EM131127687

For year ended 12/31/08, inventory information for Harper Inc. is as follows:

Date

Description

Quantity

Unit Cost

01/31/08

Units on hand

1,000 units

$5.00/unit

03/25/08

Purchase

500 units

$6.00/unit

05/15/08

Purchase

500 units

$7.00/unit

08/29/08

Sale

300 units

 

10/02/08

Purchase

700 units

$8.00/unit

12/15/08

Sale

-500 units

 

Assuming a periodic inventory system and based upon the information above, please determine the COGS and Ending Inventory for year 2008 under the following inventory valuation methods:

a. Weighted Average cost

b. FIFO

c. LIFO

Reference no: EM131127687

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