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A review of the accounting records of the Danzee Company yields the following information concerning inventory: Jan. 1, 500 units at $6.00 Mar. 28. purchase
A review of the accounting records of the Danzee Company yields the following information concerning inventory: Jan. 1, 500 units at $6.00 Mar. 28. purchase 600 units at $7.00 May 15, purchase 700 units at $8.00 July 6, purchase 400 units at $7.50 Oct. 19, purchase 350 units at $8.50 On December 31, a physical inventory was taken and showed 600 units on hand REQUIRED: Assuming a periodic inventory system, compute the dollar value of ending inventory using (A) FIFO: (B) LIFO; (C) weighed average. O FIFIO - $4,850 LFI - $3,800 Average - $4,416 O FIFIO - 54,875 LFI - 53,700 Average - $4,500
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