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A company sells a climbing kit and uses the periodic inventory system to account for its merchandise. The beginning balance of the inventory and its
A company sells a climbing kit and uses the periodic inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:
January 1:Beginningbalance of 18 units at $13 each
January12: Purchased 30 units at $14 each
January19: Sold 24 units at a selling price of $30 each
January20: Purchased 24 units at $17 each
January27: Sold 27 units at a selling price of $30 each.
If the ending inventory is reported at $357, what inventory method was used: ??? FIFO,LIFO or WEIGHTED AVERAGE?
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