The Following Are the Inventory Records of the Garret Company

question 12

Essay

The following are the inventory records of the Garret Company:
$\begin{array}{c}\begin{array}{lll}\\ \text {January 1}\\ \text {Purchases:}\\ \text {February 10}\\ \text {July 15}\\ \text {November 1}\\ \text {December 10}\\ \text {Available} \end{array}\begin{array}{cc}\underline{\text {Units}}&\underline{\text {Cost}}\\40 & \$ 12 \\\\20 & 13 \\40 & 14 \\50 & 15 \\\underline{30}& 16\\80& \end{array}\begin{array}{c}\underline{\text { Total }}\\\$480\\\\260\\560\\750\\\underline{480}\\\$2,530\end{array}\end{array}$

Ending inventory consists of 30 units from the July purchase.
Note: The company uses a periodic inventory system.
Required:
Calculate ending inventory and cost of sales,using: (a)FIFO, (b)LIFO, (c)average,and (d)specific identification.

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