Question
AWAJ Ltd uses the periodic inventory method and had the following inventory information available: Date Detail Units Unit Cost 1/2/2020 Inventory 4500 90 5/2/2020 Purchase
AWAJ Ltd uses the periodic inventory method and had the following inventory information available: Date Detail Units Unit Cost 1/2/2020 Inventory 4500 90 5/2/2020 Purchase 6000 92 14/2/2020 Purchase 2500 96 19/2/2020 Purchase 3300 98 A physical count of inventory on 28 February 2020 revealed that there were 4000 units on hand. Ignore GST. Required: Answer the following independent questions. Round all answers to nearest $. 1. Assume that the company uses the FIFO method. The value of the ending inventory at 28 February 2020 is $__________. 2. Assume that the company uses the average cost method. The value of the ending inventory on 28 February 2020 is $__________. 3. Assume that the company uses the LIFO method. The value of the cost of sales on 28 February 2020 is $__________. (Type your response directly into the template in the text box below. )
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