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Gaga Fashions uses a periodic inventory system. The beginning inventory of a particular product, and...

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Accounting

Gaga Fashions uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:

Jan 1 Beginning Inventory 400 $7.00 2,800
Feb 15 Purchase 1,000 $7.50 7,500
June 30 Purchase 1,400 $8.00 11,200
Nov 25 purchase 1,200 $8.25 9,900
Total Available for Sale in Year 4,000

31,400

At December 31, the ending inventory of this product consisted of 1,300 units. Determine the cost of the year-end inventory and the cost of goods sold for this product under each of the following methods of inventory valuation:

Average Cost

First In, First Out

Last In, First Out

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