Vista Company began with 100 units of Product RST at $8 per unit. During the year they made several purchases totaling 1600 units at varying costs between $9-12 per unit and had total sales of 1500 units. Using FIFO, LIFO, and average costing methods, the document aims to determine the ending inventory value and cost of goods sold under each method.
Vista Company Inc. had a beginning inventory of 100 units of Product.docx
1. Vista Company Inc. had a beginning inventory of 100 units of
Product RST at a cost of $8 per unit. During the year, purchases
were:
Feb. 20
600
units at
$9
Aug. 12
400
units at
$11
May 5
500
units at
$10
Dec. 8
100
units at
$12
Vista Company Inc. uses a periodic inventory system. Sales
totaled 1,500 units.
2. Determine the ending inventory and the cost of goods sold
under each of the assumed cost flow methods (FIFO, LIFO, and
average-cost).
(Round answers to 0 decimal places, e.g. 150.)
FIFO
LIFO
AVERAGE-COST
The ending inventory
$
[removed]
$
[removed]
$
[removed]
The cost of goods sold
$
[removed]
$
[removed]
$
[removed]