Hiroyuki Appliance uses a perpetual inventory system. For its fl at-screen television sets, the January 1 inventory

Question:

Hiroyuki Appliance uses a perpetual inventory system. For its fl at-screen television sets, the January 1 inventory was 3 sets at $600 each. On January 10, Hiroyuki purchased 6 units at $660 each. The company sold 2 units on January 8 and 4 units on January 15.

Instructions

Compute the ending inventory under

(1) FIFO,

(2) LIFO, and

(3) Moving-average cost.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...