Brief Exercise 7-4 Inventory Costing Methods A company with no inventory buys the following three inventory items: On January 10, the company sells…

Brief Exercise 7-4

Inventory Costing Methods

A company with no inventory buys the following three inventory items:

On January 10, the company sells one item for $10.

On January 15, the company sells a second item for $10.

The company uses a perpetual inventory system.

Required:

Calculate the company’s cost of goods sold under the following inventory costing methods. If required, round your answers to two decimal places.

a. FIFO$ _________________ b. LIFO$ _________________ c. Moving Average$ _________________ 

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