The periodic inventory records of Synergy Prosthetics indicate the following at July 31:
|
Jul 1 |
Beginning inventory |
6 units |
@ $60 |
|
8 |
Purchase |
5 units |
@ $67 |
|
15 |
Purchase |
10 units |
@ $70 |
|
26 |
Purchase |
5 units |
@ $85 |
At July 31, Synergy counts two units of inventory on hand.
Requirement
1. Compute ending inventory and cost of goods sold, using each of the following methods:
a. Average cost (round average unit cost to the nearest cent)
b. First in, first out
c. Last in, first out