Solution-Average cost inventory costing methods

Average cost inventory costing methods

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Reference no: EM13515315

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	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.

Reference no: EM13515315

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Average cost inventory costing methods

Reference no: EM13515315

Reference no: EM13515315

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