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AB Corporation has provided the following information about one of its inventory items: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 580
AB Corporation has provided the following information about one of its inventory items:
Date
Transaction
Number of Units
Cost per Unit
1/1
Beginning Inventory
580
$2,250
6/6
Purchase
870
$4,050
9/10
Purchase
1,290
$5,350
11/15
Purchase
930
$5,550
1) If During the year, RJ sold 2,920 units.
What was ending inventory using the average cost flow assumption under a periodic inventory system?
2) If During the year, RJ sold 3,300 units.
What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?
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