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Answer the following problems completely (show your formulas). The pleasant meadows restaurant uses frozen ground beef packed in 10-pound poly bags for many of its
Answer the following problems completely (show your formulas).
The pleasant meadows restaurant uses frozen ground beef packed in 10-pound poly bags for many of its soup and casserole items. The per=-bag purchase cost of all bags received in January was $30. Use the following information to calculate the value of ground beef inventory at the end of January:
January 1 January 31
Inventory Count 17 bags 28 bags
Ending Inventory $28.00 $30.00
There were 37 bags purchased (delivered) during January
- Calculate the value of ground beef inventory using the FIFO method
- Calculate the value of ground beef inventory using the LIFO method
- Calculate the value of ground beef inventory using the actual cost method (proper inventory rotation was used)
- Calculate the value of ground beef inventory using the weighted average method
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