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McLean Company Inc. had a beginning inventory of 300 units of Product MLN at a cost of $8 per unit.
During the year, purchases were:
Feb 20 700 @ $9 May 5 500 @ $10 Aug 12 600 @ $11 Dec 8 100 @ $12
McLean Company uses a periodic inventory system. Sales totaled 1800 units
Instructions:
(a) Determine the cost of goods available for sale.
(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average unit cost to three decimal places.)
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