Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using

(a) specific identification, then
(b) average cost, then
(c) FIFO, and finally
(d) LIFO. (Round the average cost per unit to the nearest cent.

Explanation:

a) Generally, this method involves calculating the cost and unit specifically per product based on the actual date of the inventory.

b) The average cost method takes note of finding the average cost of goods per per unit. It is calculated by;

Determining the total cost of goods sold divided by the total number of available inventory.

(c) FIFO method employs that the inventory is costed based on the price of earliest inventory cost, that is, Current inventory is costed at earliest inventory price.

(d) LIFO method implies that the price of inventory is costed at the most recent inventory price, that is, any inventory is costed using the first or most recent price.

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