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3 different questions! but I really need help!!! Problems boe Given the following information about purchases and sales during the yer, compute the cost to
3 different questions! but I really need help!!!
Problems boe Given the following information about purchases and sales during the yer, compute the cost to assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. 24. (Show your work.) Assuming that a periodic inventory system is u Jan.1 Beginning inventory 100 items @ S8 - sed S 800 July 1 Purchases 300 items @$164.800 $5.600 Totals Total sales 400 items 240 items 160 items Dec. 31 Ending inventory 25. Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.) Assume that a periodic inventory system is used Jan. 1 Beginning inventory 225 items@ s3- May I Purchases S 675 4,050 $4.725 675 items @ S6 = Totals Total sales 900 items 450 items 450 items Dec. 31 Ending inventory BONUS Use the following information to calculate ending inventory on (a) a LIFO basis, (b) a FIFO basis, and (c) an average-cost basis. Assume a perpetual inventory system. Dec. 1 Beginning inventory 70 units $28 9 Purchases 17 Sales 30 units @$32 25 units 15 units @ $36 40 units 27 SalesStep by Step Solution
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