Question
5. Compute the dollar amount to be assigned to ENDING inventory for each of the methods indicated given the following information about purchases and sales
5. Compute the dollar amount to be assigned toENDING inventoryfor each of the methods indicated given the following information about purchases and sales during the year:
January 1Beginning Inventory150 items @ $4$600
May 1Purchases450 items @ $6$2,700
Total Available for Sale600 items$3,300
Total Sales(430) items
Ending Inventory170items
Average Cost basis_________________
FIFO basis__________________
LIFO basis__________________
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
