Nelson Company began the year with 1,000 units in inventory that cost $15,250 total. During the year, they purchased 2,000 additional units that cost $26,000 total. At the end of the year, they had 800 units remaining in inventory. The document provides instructions to calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average costing methods.

1. Nelson Company had 1,000 units in beginning inventory at a
total cost of $15,250. The company purchased 2,000 units at a
total cost of $26,000. At the end of the year, Nelson Company
had 800 units in ending inventory.
5.1
Compute Cost of Goods Sold and Ending Inventory assuming
FIFO is used (5 points)
5.2
Compute Cost of Goods Sold and Ending Inventory assuming
LIFO is used (5 points)
5.3
Compute Cost of Goods Sold and Ending Inventory assuming
Weighted Average/Average Cost is used (5 points)