Average Cost Methods Assignment
February 20th, 2020
7) Data for Houston Electronics' Astro condensers. Calculate the value for the Cost of goods sold and ending inventory according to FIFO, LIFO, and Average Cost methods.
HOUSTON ELECTRONICS Astro Condensers Date Unit Cost Jan. 1 Apr. 15 Aug. 24 Nov. 27 Explanation Beginning inventory Purchase Purchase Purchase Total units available for sale Units in ending inventory Units sold Units 100 200 300 400 1,000 450 550 Total Cost $ 1,000 2,200 3,600 5,200 $12,000 (a) Explain which method out of the above three would have the lowest COGS and Ending inventory. .