Kiner Co. has the following data related to an item of inventory: Inventory, Mar

Question

Kiner Co. has the following data related to an item of inventory:

Inventory, March 1                                                     200 units @ $4.50

Purchase, March 7                                                       350 units @ $4.80

Sale @ $7/unit , March 10                                                 400 units

Purchase, March 16                                                     500 units @ $5.00

Sale @ $7.5/unit, March 20                                               600 units

Purchase, March 25                                                           300 units @ $5.50

Required: The value assigned to cost of goods sold and ending inventory if Kiner uses FIFO, LIFO, and average under perpetual inventory system.

Explanation / Answer

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