The Following Are Data Available for Richards Co Calculate Cost of Goods Sold and Ending Inventory Under the of May

Essay

The following are data available for Richards Co.for the month of May:
$$\begin{array} { l l } \text { Sales } & \text { 1,120 units } \\\text { Beginning inventory } & 200 \text { units @ } \$ 1.25 \\ \text { Purchases, in chronological order } & 500 \text { units @ } \$ 1.30 \\& 400 \text { units@ } \$ 1.40 \\& 700 \text { units @ } \$ 1.50\end{array}$$
Calculate cost of goods sold and ending inventory under the following cost flow assumptions:
(1.)Weighted average
(2.)FIFO
(3.)LIFO