Answer:
FIFO Ending Inventory= $ 2562+$ 1452= $ 4014
LIFO Ending Inventory= $ 1521+$ 2400= $ 3921
Average Cost Ending Inventory= $ 3974.85
FIFO -COST Cost of goods $ 12849
LIFO -COST Cost of goods=$ 12942
AVERAGE-COST Cost of goods= $ 12,888.15
Explanation:
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 13 $117 $ 1,521
Sept. 12 Purchases 46 120 5,520
Sept. 19 Purchases 60 121 7,260
Sept. 26 Purchases 21 122 2,562
Totals 140 $16,863
Ending Inventory = 140- 107= 33
FIFO Ending Inventory = 21 units at $122 + 12 Units at 121
FIFO Ending Inventory= $ 2562+$ 1452= $ 4014
LIFO Ending Inventory = 13 units at $117 + 20 Units at 120
LIFO Ending Inventory= $ 1521+$ 2400= $ 3921
Average Cost Ending Inventory= ($ 16863/ 140 )* 33
Average Cost Ending Inventory= $ 3974.85
FIFO -COST Cost of goods= Purchases - FIFO Ending Inventory
= $16,863 -$ 4014 = $ 12849
LIFO -COST Cost of goods= Purchases - LIFO Ending Inventory
= $16,863 -$ 3921 = $ 12942
AVERAGE-COST Cost of goods= Purchases - Average Cost Ending Inventory
= $16,863-$ 3974.85= $ 12,888.15