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Accounting

Problem

Cash                              $19.800
Beginning inventory         19.065 (205 units @ $93)
Common stock                14.300
Retained eamings            24.565

The following five transactions occurred in 2014:

1. First purchase (cash) 120 units @ $95
2. Second purchase (cash) 200 units @ $103
3. Sales (all cash) 355 units @ $196
4. Paid $16.250 cash for salaries expense.
5. Paid cash for income tax at the rate of 25 percent of income before taxes.

Required

a. Compute the cost of goods sold and ending inventory. assuming (1) FIFO cost flow. (2) LIFO cost flow. and (3) weighted-average cost flow.

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