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    Mar 25, 2012, 02:36 PM
    LIFO, FIFO, Average cost
    Suppose Robotics, Inc.'s inventory records for a particular item indicated the following transactions in September:

    September 1 Beginning Inventory 10 units @ $29
    September 9 Purchase 18 units @ $32
    September 23 Purchase 9 units @ $30
    September 28 Purchase 6 units @ 31

    Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:

    1. LIFO
    2. FIFO
    3. Average Cost

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