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Art's Craft Shop had the followingacquisitions of inventory during the most recent year:
Event
Units
Unit Cost
Total Cost
Beginning Inventory
2,000
$ 8
$ 16,000
Purchase #1
3,000
10
30,000
Purchase #2
6,000
12
72,000
Purchase #3
8,000
14
112,000
Goods Available
19,000
$230,000
During the year, 14,000 units were sold at an average sellingprice of $26.
a. Determine ending inventory and cost of goods sold assuming theFIFO method is used.
b. Determine ending inventory and cost of goods sold assuming theLIFO method is used.
c. Determine ending inventory and cost of goods sold assuming theweighted average method is used.
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