Answer:
ending inventory using FIFO = $11,700
ending inventory using LIFO = $7,500
ending inventory using average method = $9,435
Explanation:
date item units price total
Jan. 1 beginning inv. 2,500 $5 $12,500
Feb. 17 purchase 3,300 $6 $19,800
July 21 purchase 3,000 $7 $21,000
Nov. 23 purchase 1,200 $8 $9,600
total 10,000 $62,900
Dec. 31 ending inv. 1,500
ending inventory using FIFO = (1,200 x $8) + (300 x $7) = $11,700
ending inventory using LIFO = 1,500 x $5 = $7,500
ending inventory using average cost = 1,500 x $6.29 = $9,435
