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A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05 each. During the year the toy store purchased 2
A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05 each. During the year the toy store purchased 2 at $1.40; 4 at $2.00; 6 at $3.00; and 20 at $4.00. By the end of the year, 25 sets were sold.
Calculate the following:
- the number of plastic bouncy balls in stock at the end of the year,
- the cost of ending inventory under LIFO,
- the cost of ending inventory under FIFO, and
- the cost of ending inventory under weighted average.
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