Calculate the cost of goods sold and ending inventory using the following cost flow alternatives….

Dudley Wholesale buys peaches from farmers and sells them to canneries. During August 2003, Dudley s inventory records showed the following:

Cases

Price

August 1 Beginning inventory

4,100

11

4 Purchase

1,500

11

9 Sale

950

20

13 Purchase

1,000

11

19 Sale

12/20/1903

1/19/1900

26 Purchase

$1,700

12

30 Sale.

1,900

20

Dudley Wholesale uses the periodic inventory method to account for its inventory, which means that all sales are assumed to occur at the end of the period no matter when they actually occurred. Calculate the cost of goods sold and ending inventory using the following cost flow alternatives. (Calculate unit costs to the nearest cent.)

1. FIFO

2. LIFO

3. Average cost