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Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of...

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Accounting

  1. Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of 100 pairs of earrings at $50 per pair. Erie purchased two batches of Model 407 earrings during the year. The first batch purchased consisted of 150 pairs at $53 per pairs; the second batch consisted of 200 pairs at $56 per pair. During the year, Erie sold 375 pairs of Model 407 earrings.

Required: determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses (a) FIFO, (b) LIFO, (c) weighted average.

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