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(3 points) Jane & Company began 2013 with 2,500 units of inventory on hand. The cost of each unit was $7.00. During 2013 an additional
(3 points) Jane & Company began 2013 with 2,500 units of inventory on hand. The cost of each unit was $7.00. During 2013 an additional 8,500 units were purchased at a single unit cost, and sold 6,000 units. Jane uses a periodic inventory system. Ending Inventory for 2013, applying the average cost method, is $30,500. QUESTIONS: (1). What should be the purchase price per units for merchandise purchased during 2013 (6,000 units) 1)_____ (2). If the company used FIFO, what should have been the cost of ending inventory? 2)_____ (3). If the company used LIFO, what should have been the cost of ending inventory? 3) Blank # 1 Blank # 2 A Blank #3 A
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