XYZ Company is a startup company, and it has purchased inventory as follows: ...
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Accounting
XYZ Company is a startup company, and it has purchased inventory as follows:
| DATE | QUANTITY | PRICE |
| 7/1/14 | 1000 | $1.05 |
| 8/1/14 | 500 | $1.10 |
| 9/1/14 | 800 | $1.00 |
| 10/1/14 | 1500 | $.90 |
| 11/1/14 | 2500 | $1.02 |
| 12/1/14 | 750 | $1.15 |
Assume you have sold 2,250 units in 2014. Given that fact, how much would inventory be valued on the balance sheet under the following methods and how much Cost of Goods Sold would be recognized as well?
LIFO Method
FIFO Method
Average Cost Method
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