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The records of ABC Company showed the following: Units Unit cost Total cost January 1 Beginning...

The records of ABC Company showed the following:

Units Unit cost Total cost

January 1 Beginning 10,000 60 600,000

April 1 Purchase 18,000 50   900,000

October 1 Purchase 22,000 40    880,000

The physical inventory reveals 15,000 units on hand on
December 31. Compute the cost of ending inventory and cost of sales using:

1. First in, first out (FIFO) ]

2. Weighted average

3. Last in, first out (LIFO)

Business   Accounting   
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