Determine cost of goods sold and ending inventory, using fifo, lifo,

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Determine cost of goods sold and ending inventory, using FIFO, LIFO, and average-cost with analysis.

(LO 2)

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.

 

 
Mar. 15 400 units at $23 Sept. 4 330 units at $26
July 20 250 units at $24 Dec. 2 100 units at $29

1,000 units were sold. Sekhon Company uses a periodic inventory system.

 

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