The following information is available for Quest Company: Required: Answer the following questions for Quest Company: a. If FIFO is in use, what is the

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The following information is available for Quest Company:

Required:

Answer the following questions for Quest Company:

a. If FIFO is in use, what is the ending inventory in dollars?

b. If periodic LIFO is in use, what is the cost of goods sold?

c. If moving average is in use, what is the ending inventory in dollars (round calculations to the nearest cent)?

d. If weighted average is in use, what is the ending inventory in dollars (round unit cost to the nearest tenth of a cent)?

Mar. 1 Mar. 9 Mar. 14 Mar. 20 Mar. 26 Beginning inventory Purchase Sale Purchase Sale 15 units @ $12.00 per unit 10 units @ $16.00 per unit 6 units 6 units@ $18.00 per unit 9 units

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Calculation of Ending Inventory in units Opening Inventory 15 Add Purchase 106 16 Less Sale 69 15 Total Ending Inventory 16 Therefore the closing inve... View full answer

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