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Question - Below are the various purchasing transactions for a company that uses a periodic inventory system and sold 100 units during December. Compute the amount that would be reported for cost of goods sold and ending inventory for December under each of the following cost flow assumptions: (i) average costing, (ii) first-in, first-out (FIFO), and (iii) last-in, first-out (LIFO).
December 1st (Beginning Balance) 25 units @ $32 each
December 7th Purchase 8 units @ $41 each
December 11th Purchase 40 units @ $40 each
December 14th Purchase 22 units @ $43 each
December 19th Purchase 35 units @ $44 each
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