Determine cost of goods sold and ending inventory, using FIFO, LIFO, and average-cost with analysis.
Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.
|Mar. 15||400 units at $23||Sept. 4||330 units at $26|
|July 20||250 units at $24||Dec. 2||100 units at $29|
1,000 units were sold. Sekhon Company uses a periodic inventory system.