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Compute the cost of goods sold and cost of ending inventory

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Question - Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation. Tom has inserted hypothetical data into the computer program that tracks inventory on a perpetual basis. Below are the hypotheical data inserted by Tom:

Transaction

Units

Cost per unit

Beginning inventory

10

$10

Purchase, day 1

5

$11

Sale, day 2

6

Purchase, day 3

8

$12

Sale, day 4

9

Compute the cost of Goods Sold and Cost of Ending Inventory using the following inventory costing methods: FIFO and LIFO.

Reference no: EM132032849

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