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Akira Company had the following transactions for the month. Number of Units Cost per Unit Beginning Inventory 160 $10 Purchased Mar. 31 170 14
Akira Company had the following transactions for the month. Number of Units Cost per Unit Beginning Inventory 160 $10 Purchased Mar. 31 170 14 Purchased Oct. 15 150 17 Ending Inventory 70 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) $ 1,190 B. Last-in, First-out (LIFO) 700 C. Weighted Average (AVG) 952.29 X Incorrect Feedback Check My Work FIFO and LIFO refer to the inventory 'layers' that are used to complete the order for a sale. The amount remaining after the order is 'filled' is the ending inventory amounts.
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