Question
Bridgeport Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 95 $3 $285
Bridgeport Company uses the periodic inventory method and had the following inventory information available:
Units | Unit Cost | Total Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
1/1 | Beginning Inventory | 95 | $3 | $285 | |||||||
1/20 | Purchase | 500 | $5 | 2,500 | |||||||
7/25 | Purchase | 105 | $6 | 630 | |||||||
10/20 | Purchase | 275 | $7 | 1,925 | |||||||
975 | $5,340 |
1. | Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is | ? | |||
---|---|---|---|---|---|
2. | Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is | ? | |||
3. | Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is | ? | |||
4. (a) | Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. | ? | |||
4. (b) | Would income have been greater or less? ? |
hi I need answer for 1,2,3,4, and 5
asap thanks
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